L-R: Adeleye Abolade, Political Consultant and Facilitator; Adetona Elizabeth, Customer Service Officer, Sovereign Trust Insurance Plc; Opeodu Folusho, Project Consultant and old Igbobian; Olabode Peter, IT Officer, STI Plc and Akorede Johnson, CIIN Ambassador 2024/2025 and Staff of Sovereign Trust Insurance Plc flanked by students of Igbobi Boys College, Yaba at the Yearly Catch-Them-Young initiative of Sovereign Trust Insurance Plc in creating awareness and education on insurance amongst secondary school students in the country.
The Myth of Reflective Electricity Pricing in Nigeria
By Elvis Eromosele
In Nigeria, few issues stir as much raw emotion as the price and quality of electricity. Everywhere across the length and breadth of the country electricity supply is unstable.
Over the years, successive governments have insisted that Nigerians are underpaying for electricity. The solution? Increase the tariff under the guise of reflective pricing. Yet, month after month, citizens grope in the dark, both literally and metaphorically.
Now, the current administration is singing the same old song. And while the government tells us it is about efficiency and subsidy removal, the reality is far more sinister. The rich opt-out out of solar panels. Aso Rock itself is installing solar, admitting silently that even at the highest Band A tariff, the power supply is unreliable and the cost unsustainable. What, then, is the fate of the average Nigerian?
To understand the electricity pricing debate, we must step back. In the last 30 years, Nigerians have endured epileptic power supply, regardless of which party is in power. NEPA (jokingly dubbed Never Expect Power Always) became PHCN, and PHCN was unbundled into Generation Companies (GenCos), Distribution Companies (DisCos), and the Transmission Company of Nigeria (TCN). The reforms were touted as the beginning of a new era. Instead, they marked the dawn of privatised suffering.
Tariffs have increased over 10 times since 2000. Yet, the power supply remains poor, unstable, and unavailable in many communities.
While the government mouths “cost-reflective pricing,” consumers are asked to pay for darkness. The prepaid meter, intended to end estimated billing, has become a new tool of oppression, many are still without them, and those who have them often complain of fast-draining units with no clear explanation.
So, what is reflective pricing? In theory, it’s a system where electricity tariffs reflect the actual cost of generating and distributing power. In practice, however, it’s a blunt instrument used to extract more money from citizens without accountability or improvement in service.
The situation is so dire that the supposed economic logic collapses under scrutiny. What is the point of reflective pricing when generation is still less than 6,000MW for over 200 million people? What is the point of reflective pricing when transmission lines are outdated and often overloaded? What is the point of reflective pricing when distribution networks are fragmented, inefficient, and corrupt? What is the point of reflective pricing when every customer cannot have pre-paid metre?
Each Minister of Power comes with the same set of excuses: legacy debt, subsidy pressure, inadequate gas supply, sabotage, and more recently, climate change. The current Minister joined the chorus last year, claiming the tariff hike was due to subsidy removal. Now, another increase is looming.
But why should Nigerians keep paying more for failure? Where are the investments in renewable energy at the community level? What happened to the Siemens power deal? How is it that with over ₦1.6 trillion pumped into the power sector since privatization, we still live in darkness?
The impact of Nigeria’s electricity conundrum goes beyond homes and small businesses. It is killing industries. It’s stifling innovation. It is driving up the cost of living. Entrepreneurs are forced to invest in alternative power, diesel, petrol, and now solar, eating deep into profits and productivity.
The youth, eager to tap into the digital economy, find themselves stuck with gadgets but no light. Hospitals struggle to power critical equipment. Schools can’t run e-learning. Cold-chain businesses are constantly on the brink of collapse. This is not just about electricity. It’s about development. It’s about equity. It’s about the future.
In my mind, it’s time to move from platitudes to action. To fix Nigeria’s power sector, several urgent steps must be taken.
First, we need true transparency and accountability. Nigerians deserve to understand the real cost of generating power and how tariff decisions are made. DisCos should be compelled to disclose their service delivery metrics publicly.
Second, metering for all must become a national priority. The current system of estimated billing is nothing short of extortion. To ensure fairness and accuracy in billing, the government must commit to achieving 100 per cent metering within the next 12 months.
Third, Nigeria must embrace local energy solutions. Encouraging the development of localized mini-grids and solar cooperatives, particularly in rural and peri-urban areas, will boost energy independence. Communities should be incentivized to manage and own their power infrastructure.
In addition, regulatory oversight must be strengthened. The Nigerian Electricity Regulatory Commission (NERC) must stop acting like an apologist for DisCos and start functioning as a true watchdog that protects consumer interests.
Moreover, Nigeria must shift its focus to renewable energy. Blessed with abundant sunlight and wind, the country has no excuse for its continued dependence on an unreliable national grid. A serious commitment to renewables can provide a sustainable path forward.
It’s time to address the elephant in the room. Reflective pricing, in its current form, is a myth, a beautifully packaged illusion. What it reflects are the deep-rooted inefficiencies and injustices that plague Nigeria’s power sector. Until there is a real improvement in power supply, the only thing this pricing model reflects is the growing frustration of millions of Nigerians.
Eromosele, a corporate communication professional and public affairs analyst, wrote via: [email protected]
The Blood Profit of Nigerian Banks
By Michael Owhoko, Ph.D
The astronomical rise in banks’ profit as reflected in the 2024 full year financial report has exposed the banking industry as a lucrative enterprise powered by arbitrary charges imposed on unwilling customers.
In some cases, these inexplicable charges and other unholy electronic deductions, leave customers to reel on the throes of pains, with impact on their blood.
That the Central Bank of Nigeria (CBN) has been penalising the banks for flouting stipulated guidelines as contained in its “Guide to Charges by Banks, Other Financial, and Non-bank Financial Institutions”, is a confirmation that these banks deliberately use arbitrary and excessive charges to fleece customers, obviously to boost profitability.
Since these painful charges constitute part of the big profits made by banks at the expense of customers, they are likened to blood profits. Like blood money which is obtained at the expense of another’s man’s life, blood profits are earnings gained by banks at the cost of customers’ blood.
In context, blood here refers to the sweat, sacrifice, pains, frustration and helplessness customers go through when deductions veiled in hidden and arbitrary charges are made on their accounts.
In other words, bank earnings are tantamount to blood profits when viewed against the backdrop of resultant pains suffered by helpless customers who bear the brunt of arbitrary charges.
These charges are embedded in crazy debits alerts sent through SMS notifications and emails, and sometimes, they are delivered incoherently, in arrears or at odd hours, perhaps, to shield or distract customers from scrutinizing the alerts. Besides causing general body imbalance, the charges also trigger mood swings and countenance upset among customers, once received.
Some of these crazy charges include, but not limited to commission on turnover, withdrawal fees, transfer charges, electronic money transfer, processing fees, VAT charges, ATM fees, debit or credit cards issuance, replacement or renewal fees, account maintenance fees, NIP transfer charges, SMS alert charges, stamp duty fees, interest charges, SMS VAT charges, hardware token charges, cybersecurity levy, bills payment fees, and other random levies.
Besides, the CBN’s recent introduction of on-site and off-site charges during cash withdrawals at ATM machines, is also unhelpful and inimical to current plight of bank customers, who are now compelled to pay withdrawal fees for use of ATM machines owned by banks other than theirs. But where such transactions are carried out in customers’ own banks, such transactions attract no charges. This introduction is coming on the heels of a fresh increase of SMS alerts charges from N4 to N6 per transaction, further compounding the woes of customers.
Implicitly, these charges constitute huge burden on the average bank customer who contends daily with depletion in his or her account balances. Corporate customers or businesses are also not spared from these questionable charges that have become a drain on the balance-sheet of companies.
With about 312 million active accounts bank-wide as at December 2024, these irrational charges have contributed immensely to the bottom line, occupying a larger space in the profit basket of banks, dislodging loans and foreign exchange sources of profits, which have diminished overtime by high-interest rate regime and prevailing foreign exchange dynamics.
For example, from the 2024 financial year report of just five of the tier 1 banks, the profit growth rose enormously with pre-tax profit hitting N4.56 trillion, approximately 69.5 percent increase compared to N2.69 trillion declared in 2023, while their net profit after tax rose by 66.2 percent in 2024, amounting to N3.78 trillion, as against N2.27 trillion recorded in 2023.
These five tier 1 banks, whose total combined assets in 2024 reached N108.21 trillion, from just N72.80 trillion recorded in 2023, include First Holdco Plc, GTCO Plc, Zenith Bank Plc, UBA Plc, and Stanbic IBTC Holdings Plc.
Specifically, First Holdco grew its profit before tax to N862.39 billion in 2024 from N356.15 recorded in 2023, just as its profit after tax rose to N736.7 billion in 2024 from N308.4 billion it earned in 2023. GTCO on the other hand, grew its pre-tax profit from N609.3 billion in 2023 to N1.27 trillion in 2024, with its net profit rising to N1.02 trillion in 2024 from N529.66 billion made in 2023.
Also, Zenith Bank grew its profit before tax to N1.33 trillion in 2024 from N795.96 billion recorded in 2023, just as its profit after tax rose from N676.9 billion in 2023 to N1.03 trillion in 2024. Similarly, UBA grew its pre-tax profit to N803.72 billion in 2024 from N757.68 billion it recorded in 2023, with its net profit increased from N607.7 billion in 2023 to N766.6 billion in 2024.
In the same vein, Stanbic IBTC Holdings reported a profit before tax of N303.8 billion in 2024 from N172.91 billion it made in 2023. Its profit after tax rose to N225.3 billion in 2024, compared to N140.62 it recorded in 2023.
With charges as sources of cheap revenue, banks are no longer motivated to embark on constructive and creative efforts in their quest for profit generation. Profits gained from matching of deposit funds against credit lending in consonant with traditional banking, are now waning. Perhaps, this explains the drop in number of banks’ female employees deployed to chase depositors for cheap funds.
Though, lacking ingenuity and industry, use of charges as sources of cheap profits, can make the ordinary businessman to be envious of bank owners. Even Aliko Dangote, as the richest man in Africa, perhaps, may be regretting for allowing his bank, Liberty Merchant Bank, to go under, just like previous bank owners whose banks have closed shop. Their banks might have been sources of value addition to their wealth.
Regrettably, rather than portray the banks in positive light, these colossal profits shunned out by Nigerian banks, are stirring negative public perception about their operational methods, believed generally to be unhelpful to individual and business ventures, particularly, small and medium business enterprises.
The Federal Government and CBN are complicit in this unjustifiable charges and levies. Reason: the Federal Government recently received approximately N84.05 billion from Electronic Money Transfer Levy alone in the first quarter of this year, 2025. This is unhealthy, and a nightmare for the average Nigerian bank customer, who sees it as sheer extortion.
Since the government is a direct beneficiary of these charges, CBN may have been reluctant to exercise strict and regular oversight over the banks on compliance with its guidelines. And this may have unwittingly, encouraged the banks to thrive in unbridled manner, particularly, in “under the table transactions.” These boom and windfall profits would have been near impossible under a sane financial environment typified by global best banking practices.
So, while the banks jubilate for a job well done for full year 2024 financial reports, the real sector and individual customers for which the banks were established to support, groan and suffocate in pains due to business decline and losses suffered, including, in some cases, complete closure of operations and insolvency.
Put differently, the banking system has become a pain in the neck of customers. While customers are experiencing frustrations from incessant debit alerts attributable to subjective and jumbled charges, corporate customers, in addition, also suffer from inability to access simple credits to run businesses, including foreign exchange to settle Letters of Credit.
It is therefore imperative to compel the banks to function appropriately without putting the customers through pains. Gaps created by CBN’s unimpressive efforts at enforcing compliance with rules guiding bank charges, should be filled by various consumer protection agencies for the good of customers.
The Federal Competition and Consumer Protection Commission (FCCPC) and other non-governmental organisations (NGOs) established to protect the interest of consumers should rise to the challenge of banks’ growing quest for abnormal profit through use of arbitrary charges, devoid of empathy for emotional state of customers.
Some of the policies that necessitated the bank charges should be reviewed, so as not to discourage Nigerians from optimising the services of the banking industry. Failure to do this, could undermine government’s cashless policy, with implication on banks’ total clientele base. Moreso, as the country is still underbanked.
The banks must therefore, wake up, smell the coffee, feel the impulse of customers, and shore up the dwindling integrity and reputation of the banking industry.
Dr. Mike Owhoko, Lagos-based public policy analyst, author, and journalist, can be reached at www.mikeowhoko.com, and followed on X {formerly Twitter} @michaelowhoko.
NAICOM Unveils Landmark Regulation for Leased Aircraft to Boost Aviation, Insurance Sectors
In a groundbreaking move, the National Insurance Commission (NAICOM) has officially launched the Revised Regulation on Insurance for Leased and Financed Aircraft.
This development is set to strengthen Nigeria’s aviation and insurance industries, enhance investor confidence, and promote ease of doing business in the country.
The unveiling ceremony, held at the Office of the Honorable Minister of Aviation, underscores the collaborative efforts between NAICOM, the Federal Ministry of Aviation and Aerospace Development, and key stakeholders.
Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, described the regulation as a transformative framework that will foster certainty, predictability, and stability in the aviation insurance market.
The revised regulation is the result of extensive consultations with industry players, including aviation operators, insurers, international financiers, and lessors.
Omosehin emphasised that the new framework will liberalise insurance requirements, boost industry capacity, and reassure the global aviation market of Nigeria’s commitment to global standards.
The Commissioner expressed gratitude to the Honorable Minister of Aviation and Aerospace Development, Mr. Festus Keyamo and the Presidential Enabling Business Environment Council (PEBEC) for their instrumental roles in driving the reform forward.
He also acknowledged the Nigerian Insurers Association (NIA), Airline Operators of Nigeria (AON), and other industry stakeholders for their collaborative input.
With this regulation, Nigeria’s aviation sector is poised for growth, innovation, and investment. As Mr. Omosehin noted, “With the right insurance framework, Nigeria’s aviation sector can overcome challenges, adapt to changes, and thrive in an ever-evolving landscape.”
This revised regulation signals Nigeria’s readiness to attract aviation business and soar to new heights.
Sovereign Trust Insurance Adopts Continuous Manpower Dev for Optimal Performance
The MD/CEO, Olaotan Soyinka and members of the company’s strategic partners on Human Capital Development led by Dr. Alim Abubakre, Chair of TEXEM, UK (TEXEM stands for These Executive Minds). They are into training and human capital development initiatives.
Sovereign Trust Insurance Plc has once again reiterated its uncompromising stance on continuous manpower development as the basis for sustainable operational efficiency and business profitability.
The Management has identified this as the key critical factor for providing enhanced and seamless insurance service delivery to all policyholders under the stable of the organisation.
According to the Head of Human Resources of the Organisation, Adeola Onichabor “the company is not resting on its oars in ensuring that every employee in the system is adequately trained and developed to cope with the dynamics of the modern trends that are likely to emerge in this decade in the insurance and financial services in Nigeria.”
This assertion was made at the weekend at the training session organised for members of the Marketing and Technical staff in the Head Office of the underwriting firm.
The objective of the training was to encourage the staff members to embrace new ways of doing things as the world gets dynamic both in technology and human capital development. Earlier in the year, members of staff in other locations of the company were engaged in similar exercise.
The Head of Training and Human Capital Development said the training had become very imperative going by the recent happenings in the insurance industry and that the company needs to strategically position itself for the opportunities that the market might be bringing up in the near future.
“We want to be alive to our responsibilities as professional underwriters adding value to the insurance space in the country and beyond. We have identified the enormous opportunities embedded in the insurance market in the country and the most logical thing to do at this point is to prepare ourselves professionally in taking advantage of the opportunities that will definitely emerge at some point.”
In exploring the opportunities, we do not want to also lose sight of the professional implications and risk management issues involved which is why we have taken time out to educate and upgrade the knowledge base of our personnel who are critical to the operations of our business.
According to the Head of Corporate Communications and Investor Relations in the organisation, Segun Bankole, “the company has in the last couple of years been on the growth trajectory and we are desirous in maintaining the feat year-in, year-out which is why we have been so deliberate about exposing our staff to the best human capital development programmes that will in turn, make us competitive in the market.”
The Managing Director/CEO of the underwriting firm, Olaotan Soyinka sums it all up: “We see our members of staff as the most critical assets to the continuous growth of the organisation and we cannot shy away from the fact that they must be given the best of attention in terms of training and human development capacity. We want to be the company for now and the future.”
NNPC, Dangote Strengthen Strategic Partnership, Reaffirm Commitment to Healthy Competition
Group CEO of NNPC Limited, Mr. Bashir Bayo Ojulari receives the President/Chief Executive of Dangote Group, Mr. Aliko Dangote during a visit by the latter to the NNPC Towers on Thursday.
As part of ongoing efforts to promote mutually beneficial partnerships and foster healthy competition, the Nigerian National Petroleum Company Limited (NNPC Limited) and Dangote Petroleum Refinery & Petrochemicals (DPRP) have pledged to deepen collaboration aimed at ensuring Nigeria’s energy security and advancing shared prosperity for Nigerians.
This commitment was made during a courtesy visit by the President/Chief Executive of Dangote Group, Mr. Aliko Dangote, and his delegation to the Group CEO of NNPC Limited, Mr. Bashir Bayo Ojulari, and members of the company’s Senior Management Team at the NNPC Towers on Thursday.
During the visit, Dangote pledged to collaborate with the new NNPC Management to ensure energy security for Nigeria.
“There is no competition between us, we are not here to compete with NNPC. NNPC is part and parcel of our business and we are also part of NNPC. This is an era of co-operation between the two organisations.” Dangote added.
While congratulating the GCEO and the Senior Management Team on their “well-deserved appointments,” Dangote acknowledged the enormity of the responsibility ahead, noting that the GCEO is shouldering a monumental task, which he expressed confidence that, with the capable hands at his disposal in NNPC, the task is surmountable.
In his remarks, the GCEO, Mr. Bashir Bayo Ojulari assured Dangote of a mutually beneficial partnership anchored on healthy competition and productive collaboration.
Ojulari highlighted the exceptional caliber of talent he met in NNPC, describing the workforce as a dedicated, highly skilled and hardworking professionals who are consistently keen on delivering value for Nigeria.
Expressing the company’s readiness to build a legacy of national prosperity through innovation and shared purpose, Ojulari said NNPC will sustain its collaboration with the Dangote Group especially where there is commercial advantage for Nigeria.
Both executives also committed to being the relationship managers for their respective organisations through sustained productive collaboration and healthy competition, thereby envisioning limitless opportunities for both organisations.
NDIC Clinches 1st, 3rd Places at 2024 Federal Public Service Innovation Competition
Head of Civil Service of the Federation, Mrs. Didi Walson-Jack presenting a cheque to Team Carpooling, Winners of the 2024 Federal Public Service Innovation Competition organised by Office of the Head of Service of the Federation.
The Nigeria Deposit Insurance Corporation (NDIC) is proud to announce its exceptional performance at the 2025 Federal Public Service Innovation Competition, emerging as both the overall winner (1st place) and Third runner-up (3rd place) out of 155 competing entries from across Ministries, Departments, and Agencies (MDAs).
This remarkable achievement was announced by the Head of the Civil Service of the Federation (HOSF), Mrs. Didi Walson-Jack, during the award ceremony held in Abuja on Tuesday, April 29.
The NDIC’s winning entry, the Carpooling Team, developed an innovative digital carpooling application that acts as a rideshare platform aimed at reducing commuting costs for federal workers — a solution that earned them the coveted top prize of N5 million.
In addition to this, a second NDIC team came in at third place with the prize of N3 million for an innovative digital platform to enhance staff productivity and streamline administrative processes called Perfoma. It acts as a convenient online secretariat that facilitates the creation and tracking of documents, as well as measuring the output and implementation of tasks to monitor performance of staff – a full packaged office-suite.
Speaking at the event, HOSF, Mrs. Walson-Jack, emphasised that “innovation is one of the six key pillars of the Federal Civil Service Strategy and Implementation Plan 2021–2025 (FCSSIP 25)” commending participating agencies for aligning with the federal government’s vision for a dynamic and efficient public service.
The MD/CE, Mr. Bello Hassan, who was represented at the ceremony by the Director, Strategy Development Department, Mrs. Gwa Uduwak Zachary, lauded the Office of the Head of Civil Service of the Federation (OHCSF) for sustaining the innovation tradition while commending the NDIC’s teams for their ground-breaking achievements underlining the Corporation’s commitment to excellence, problem-solving, and a forward-thinking approach to public service delivery.
While receiving the teams at his office, the MD/CE, NDIC stated that “this double recognition is a testament to the innovative spirit and professionalism that NDIC nurtures. Our teams have once again demonstrated the Corporation’s leadership in deploying technology and creative thinking to solve real-world challenges.”
The NDIC’s success in the competition, organised by the OHCSF, is a strong endorsement of its ongoing drive to embed innovation into its operational culture. It also reflects the Corporation’s strategic alignment with national priorities on public service reform, digital transformation, and cost-effective governance.
The NDIC remains committed to supporting and scaling solutions that improve service delivery across the civil service and contribute meaningfully to national development.
PenCom to Sanwo-Olu: Implement Pension Increase for CPS Retirees
From Left: The Director General of the National Pension Commission, Ms. Omolola Oloworaran and the Lagos State Governor, Babajide Sanwo-Olu during a recent visit to the Lagos State Government House.
The National Pension Commission (PenCom) has urged the Lagos State Governor, Babajide Sanwo-Olu, to extend periodic pension increases currently enjoyed by Defined Benefit Scheme (DBS) retirees to those under the Contributory Pension Scheme (CPS) to boost their monthly pensions.
The Director General of PenCom, Ms. Omolola Oloworaran, made the request during a courtesy visit to Governor Sanwo-Olu at the Lagos State Government House on 7 May 2025.
The visit was to present the report of PenCom’s 2024 routine inspection of the Lagos State Pension Commission (LASPEC) and to thank the Governor for confirming his participation as Special Guest at the Pension Industry Leadership Retreat starting 8 May 2025.
PenCom DG pointed out that currently, only DBS retirees are paid pension increases in Lagos State, leaving out their counterparts under the CPS. She made a case for the prioritisation of retirees under the CPS given the contributory nature of the scheme.
Ms. Oloworaran lauded Lagos State as a leading model in the Federation for its effective implementation of the CPS. She highlighted key achievements, including consistent deduction and remittance of employee contributions to their Retirement Savings Accounts (RSAs), full settlement of all backlog of accrued pension rights, the existence of a valid Group Life Insurance Policy for most public service employees, and the deployment of advanced ICT systems to enhance pension administration in Lagos State.
Despite this progress, PenCom DG proposed a partnership with Lagos State to make the Pension Clearance Certificate (PCC) a mandatory requirement for companies seeking Lagos State Government contracts and services, as practiced at the federal level.
In addition, the DG recommended transitioning unremitted contributions currently held in commercial banks’ escrow accounts into Transitional Contribution Fund (TCF) accounts managed by Pension Fund Administrators (PFAs), to optimise investment returns.
She also advised Lagos State to implement an Irrevocable Standing Payment Order (ISPO) for pension contributions to be automatically deducted and remitted from Federation Account Allocation Committee (FAAC) allocations. This is to protect pension remittances from potential administrative delays.
While commending the State for its N600 million bailout for outstanding accrued rights of Lagos State University of Education (LASUED) retirees, PenCom DG appealed for further intervention to address unpaid benefits from 2023 and 2024.
The DG also urged the Governor to consider implementing the Minimum Pension Guarantee (MPG), similar to what obtains at the mandatory CPS level.
She informed the Governor that the Federal Government had started its MPG contributions and included it in the recent approval to issue the N758 billion bond to clear pension liabilities.
In response, Governor Sanwo-Olu reaffirmed the State’s commitment to pension reforms and praised the collaborative relationship with PenCom under the current leadership.
The Governor expressed support for implementing pension increases for CPS retirees.
He expressed the importance of workers’ welfare in his administration’s agenda.
While he was optimistic about the sustainability of reforms by future administrations, he noted that an ISPO may not be necessary at this time.
The Governor also called on PenCom to support Lagos State’s developmental initiatives by encouraging pension fund investments in government-issued bonds.
AIO Strengthens Ties with Nigerian Insurers, Pledges Better Return for Members
L-R: Mr. Charles Moki, Communication and Public Relations Officer of AIO, Mrs. Ebele Nwachukwu, Deputy Chairman of NIA, Mr. Jean Baptiste, Secretary General of AIO, Mr. Kunle Ahmed, Chairman of NIA, Mrs. Bola Odukale, DG of NIA during an official visit of AIO officials to the Nigerian insurerance market in Lagos.
The African Insurers Organisation (AIO) has moved to strengthen collaboration with the Nigerian insurance market while pledging more value in return for insurance companies of its member countries.
The Secretary General of the AIO, Mr. Jean Baptiste, said this during an official visit to the Nigerian Insurance Market in company of the AIO’s Communication and Public Relations Officer, Mr Charles Moki, hosted by the Nigerian Insurers Association (NIA) in Lagos.
The visit of the AIO officials to Nigeria began with a meeting with the NIA Chairman, Mr. Kunle Ahmed, flagged by the management of the NIA, led by the Director-General, Mrs. Bola Odukale, on Monday, May 5, 2025, followed by a meeting with the Chief Executive Officers (CEOs) of AIO member companies in Nigeria.
The visit extended to other arms of the industry on Tuesday and ended with a dinner organised by the NIA on Wednesday for the AIO officials, Past Chairman of the AIO, Mr. Tope Smart, board member of the AIO, Mr. Eddie Efekoha, and principal officers of various arms of the insurance industry.
Mr. Baptiste commended the growth and potential of the Nigerian insurance market, noting that the AIO has been led by Nigerian business leaders in the last 13 years.
“This is significant because it reflects strong support for the system and the organization. Nigeria contributes the highest number of delegates to AIO events yearly; hence, we are here to open conversation with our Nigerian members and ready to consider your remarks and suggestions to serve you better.
“I am impressed by the Nigerian insurance market’s resilience and potential for growth. The industry has shown remarkable progress, and I believe that with the right support and guidance, it can become a driving force in Africa’s economy, “he said.
The Secretary General highlighted the organisation’s achievements, including convincing the AFCTA Secretariat that AIO is the rightful voice of the African insurance industry.
According to him, the AIO is working on a feasibility study to harmonize regulatory frameworks across Africa, in collaboration with the United Nations Development Programme (UNDP) and funding from the Africa Reinsurance Corporation.
This, he said, would enable companies licensed in one country to operate in another without needing a new license and, as such, promote true integration.
The Secretary General also mentioned the Pan-African Payment and Settlement System (PAPSS) developed by Afreximbank, which recognises insurers as key stakeholders.
He invited the industry’s stakeholders to attend the AIO’s upcoming general assembly at the end of the month, which will focus on the debt burden in Africa and its impact on the insurance industry.
“The theme of our upcoming general assembly is particularly relevant to the Nigerian insurance market. “The debt burden in Africa is a pressing issue, and insurers must have a seat at the table where Africa’s future is being discussed, “he said.
Commenting on behalf of the Nigeria member companies, the NIA Chairman, Mr. Ahmed appreciated the AIO officials for the visit, noting that the move to increase the benefits of its members would promote the organisation and grow its membership base.
Mr. Ahmed assured the AIO of the unrelenting support and collaboration of Nigerian insurers, while urging the AIO to support the Nigerian insurance market in its efforts to design a Mortality table, develop its Actuarial capacity and leverage on the opportunities in AFCTA.
NGX Group, Market Stakeholders Honour Pascal Dozie’s Enduring Impact
L-R: Idahosa Gabriel, President and Chairman of Council, LCCI; Jude Chiemeka, CEO, Nigerian Exchange Limited (NGX); Oscar Onyema, immediate past Group CEO, Nigerian Exchange Group (NGX Group); Raymond Obieri, Past President of Council, NSE; Fatima Wali-Abdurrahman, Director, NGX Group; Niyi Yusuf, Chairman, NESG; Chidi Dozie, Grandson of late Pascal Dozie; Alhaji (Dr) Umaru Kwairanga Group Chairman, NGX Group; Uzoma Dozie, and Kelechi Dozie, both Sons of late Pascal Dozie; Temi Popoola, GMD/CEO, NGX Group; Olufemi Akinsanya, Chairman, NGX RegCo; Elizabeth Ebi, GMD/CEO, Futureview Financial Services Ltd; Emmanuel Ikazoboh, Former Interim Administrator, NSE; and Frank Aigbogun, Publisher, BusinessDay, during an afternoon of tributes and special closing gong ceremony in honour of Pascal Dozie in Lagos yesterday.
Captains of industry, financial leaders, and dignitaries gathered at the Nigerian Exchange Group House for an Afternoon of Tributes and Special Closing Gong Ceremony in honour of late Dr. Pascal G. Dozie, OON, CON, former President of the Council of the Nigerian Stock Exchange (NSE).
Organised by Nigerian Exchange Group (NGX Group), the event celebrated a visionary whose leadership and integrity helped shape Nigeria’s financial markets and corporate landscape.
In his welcome remarks, Alhaji (Dr.) Umaru Kwairanga, Chairman of NGX Group, reflected on Dr. Dozie’s profound influence, stating, “Dr. Dozie was a banker, entrepreneur, economist, and philanthropist—but above all, he was a builder of institutions. His tenure as President of the NSE Council marked a pivotal chapter in our history. With foresight and steady leadership, he laid the foundation for a world-class Exchange that not only serves Nigeria but inspires confidence across Africa.”
Continuing the stream of tributes, industry leaders shared reflections on Dr. Dozie’s legacy of principled leadership and institutional advancement.
Dr. Ernest Ndukwe, Chairman of MTN Nigeria Plc, praised his role in entrenching professionalism in the private sector. Mr. Gabriel Idahosa, President of the Lagos Chamber of Commerce and Industry, described him as “a man of unwavering principle whose life embodied ethical leadership and nation-building.”
Dr. Raymond Obieri, former NSE Council President, recalled their shared commitment to institutional growth: “Pascal was the kind of leader who brought calm to chaos and vision to uncertainty. His leadership was never about power, it was always about purpose.”
Adding to this sentiment, Mr. Ahonsi Unuigbe, Chairman of Nigerian Exchange Limited, urged attendees to honour Dr. Dozie’s legacy through action: “He did not just serve; he built, inspired, and transformed. The greatest tribute we can pay is to ensure the institutions he strengthened continue to thrive with integrity, transparency, and innovation.”
Mr. Olaniyi Yusuf, Chairman of the Nigerian Economic Summit Group (NESG), underscored Dr. Dozie’s foundational role: “He was not just a founding father of NESG but a compass for our mission to build a globally competitive Nigerian economy. His vision and principled leadership continue to guide us.”
Speaking from a personal perspective, Mr. Uzoma Dozie offered an intimate tribute to his father: “Beyond his professional achievements, he was a man of quiet wisdom and grace. His presence commanded respect, and his influence shaped minds and institutions alike. His absence will be deeply felt.”
Mr. Temi Popoola, Group Chief Executive Officer of NGX Group, added: “Dr. Dozie was more than an industry titan, he was a mentor, a visionary, and a nation-builder. His contributions were not just pioneering but transformative. To his family, we say thank you for sharing him with the nation. May his soul rest in peace, and may we all carry forward the light he ignited.”
Other notable speakers included Mr. Emmanuel Ikazoboh, former Interim Administrator, NSE; Mr. Oscar N. Onyema, former Group CEO, NGX Group; Mr. Olufemi Akinsanya, Chairman of NGX Regulation; Mrs. Elizabeth Ebi, Managing Director, Futureview Group and Mr. Frank Aigbogun, Publisher/CEO of BusinessDay Media.
The ceremony concluded with the symbolic Closing Gong Ceremony, not as a farewell, but as a reaffirmation of the values of integrity, excellence, and service to humanity, Dr. Dozie championed.
NCDMB Unveils Selection Criteria for Inaugural Nigerian Content Awards
The Nigerian Content Development and Monitoring Board (NCDMB), in partnership with Sweetcrude Limited, has announced the detailed selection criteria for the inaugural Champions of Nigerian Content Awards, designed to honor outstanding contributions to local content development in Nigeria’s oil and gas sector.
Scheduled for May 21, 2025, at the NCDMB Conference Hall in Yenagoa, Bayelsa State, the awards will recognize individuals and organisations that have demonstrated exceptional commitment to advancing Nigerian Content in 2024.
The ceremony will coincide with the Nigerian Oil and Gas Opportunity Fair (NOGOF), further spotlighting industry excellence and contributions to national economic transformation.
The 12 Award Categories are:
- Nigerian Content Icon of the Year
- Nigerian Content Lifetime Achievement Award
- Nigerian Content International Upstream Operator of the Year
- Nigerian Content Independent Upstream Operator of the Year
- Nigerian Content Midstream Operator of the Year
- Nigerian Content Downstream Operator of the Year
- Nigerian Content International Service Company of the Year
- Nigerian Content Indigenous Service Company of the Year
- Nigerian Content Innovator of the Year
- Nigerian Content Financial Services Provider of the Year
- Nigerian Content Media Organisation of the Year
- Women in Leadership Award for Promoting Gender Equality and Empowerment
Objective Evaluation Metrics Ensure Credibility
According to the NCDMB, the criteria for oil and gas operators will include key and empirical benchmarks like
– Production output (crude oil and gas volumes).
– Compliance with Nigerian Content Plans (NCPs) and Nigerian Content Compliance Certificates (NCCCs).
– Adherence to NOGICD Act reporting requirements, such as submission of Nigerian Content Performance Reports and Employment & Training Plans.
Similar criteria will apply to financial institutions, media organisations, and individuals, ensuring a transparent and merit-based selection process.
Winners for the Nigerian Content Icon of the Year, Innovator of the Year, and Women in Leadership Award will also be selected based on measurable performance indicators.
Advisory Committee of Industry Titans to Oversee Process
To uphold the awards’ prestige, an Advisory Committee of distinguished experts have been set up to oversee nominations and validate winners. Members include:
- Ernest Nwapa (Pioneer Executive Secretary, NCDMB).
Dr. Omar Farouk (Secretary General, African Petroleum Producers Organisation).
Mr. Wole Akinyosoye (Former Zonal Operations Controller, DPR).
The Executive Secretary NCDMB, Engr. Felix Omatsola Ogbe emphasised that the awards aim to become the oil and gas sector’s equivalent of the Oscars, celebrating genuine impact rather than mere participation.
“This recognition is reserved for those who have gone beyond compliance to drive tangible growth in Nigerian Content,” he stated.
Event Details:
Date: May 21, 2025
Time: 7:00 PM
Venue: NCDMB Conference Hall, Yenagoa.
With a focus on credibility, compliance, and measurable impact, the Champions of Nigerian Content Awards is poised to set a new standard for excellence in Nigeria’s energy sector.
Nigerian CEOs Optimistic on 2025 Economic Outlook: PwC’s 2025 Annual Global CEO Survey
PwC Nigeria has released the Nigerian findings of its 28th Annual Global CEO Survey, offering insights into business leaders’ perspectives across industries.
The report highlights optimism, with 61% of Nigerian CEOs expecting global economic growth to improve and 64% anticipating positive shifts in Nigeria’s economy in 2025. Reflecting a commitment to strategic reinvention, 61% have expanded into new sectors over the past five years, while 67% see AI as a catalyst for innovation in products and services.
Commenting, Sam Abu, Regional Senior Partner, West Market Area, PwC Nigeria, stated: “Thriving in Nigeria’s competitive business landscape demands resilience and strategic foresight from CEOs. Despite economic challenges like inflation and macroeconomic volatility, our survey shows Nigerian business leaders remain optimistic—not just about survival but about transformation. CEOs are actively reshaping their business models to seize emerging opportunities by venturing into new sectors, leveraging technology, and engaging with evolving customer segments.
For CEOs yet to embrace this shift, the moment to act is now. Navigating disruption and megatrends requires a long-term vision and clear reinvention priorities, from business model transformation and generative AI adoption to sustainability strategies. The risk of delay can cause a widening gap between forward-thinking organisations and those struggling to keep pace.”
Great Expectations in Economic Prospects
CEO confidence in global economic growth is rising, marking a notable shift in sentiment. In Nigeria, 61% of CEOs expect an improvement in the next 12 months, mirroring optimism across Sub-Saharan Africa 63% and globally 58%. This contrasts sharply with previous years—only 38% were optimistic last year, and a mere 18% two years ago.
PwC’s survey highlights how Nigerian CEOs are future-proofing their businesses, embracing generative AI for efficiency, reshaping business models, and tackling climate-related challenges to secure long-term viability.
The Reinvention Imperative
As global forces reshape the business landscape, Nigerian CEOs stand at a critical phase. The urgency to reinvent business models stems from key imperatives: ensuring long-term viability, adapting to disruption and megatrends, and effectively managing evolving risks.
Commenting, Pedro Omontuemhen, Partner and Clients and Markets Leader, West Market Area, PwC Nigeria, said: “With four in ten Nigerian CEOs uncertain about their businesses’ long-term viability, reinvention is no longer optional; it’s essential. True transformation goes beyond strategy, requiring a fundamental shift in value proposition, market approach, profit model, and operational capabilities to secure sustainability. In an era of rapid change, the most successful organisations will be those that embed agility into decision-making and align reinvention with long-term value creation.”
Our report underscores the most pressing concerns for CEOs over the next 12 months. Inflation tops the list, with 58% of respondents feeling highly or extremely exposed, far exceeding the global average of 27% and 42% in Sub-Saharan Africa.
Other major risks include macroeconomic volatility 39%, a shortage of skilled workers 31%, and both geopolitical conflict and cyber threats 25%.
Stanbic IBTC Bank PMI: Output Growth hits 15-Month High in April
The start of the second quarter of 2025 saw a further improvement in business conditions among Nigerian companies amid strengthening customer demand and growth of output.
In response, firms ramped up their purchasing activity and took on extra staff, but this expansion of capacity was not sufficient to prevent a build-up of backlogs of work.
Meanwhile, inflationary pressures ticked up from March but remained muted relative to the picture in 2024. The headline figure derived from the survey is the Stanbic IBTC Purchasing Managers’ Index™ (PMI®). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.
Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank commented: “Nigeria’s private sector business activity maintained its positive momentum into the start of the second quarter of the year as the PMI settled at 54.2 in April – broadly in line with 54.3 recorded in March.
This latest improvement in business activity was primarily due to improved customer demand amid softening inflationary pressures, helping to support higher new orders.
Accordingly, all the four monitored sectors posted an improvement in business activity with the most significant improvement seen in the Services sector. In line with this improvement, the employment level increased for the fifth consecutive month, although the pace of increase was modest this time. Elsewhere, inflationary pressures continue to soften relative to 2024 as factors that significantly drove prices upward last year have moderated so far this year in terms of impacts.
Nonetheless, inflation increased in April compared to March, exacerbated by the impact of local currency depreciation and higher energy costs. Indeed, overall input prices increased across all the four monitored sectors with the Manufacturing sector witnessing the strongest inflationary pressures of the month.
The pass through of the higher input costs to customers meant that output price inflation also quickened in April but remained among the weakest in the past two years. Nigeria’s business conditions started Q2:25 on a positive note, and we expect this trend to be maintained, albeit relatively slower than witnessed in Q1:25.
This is as the local currency is expected to depreciate in Q2:25 compared to Q1:25 amid the lingering global uncertainties. This could also lead to slightly higher inflation rate than seen in Q1:25 but still expected to remain softer compared to the 2024 average.
Nonetheless, interest rates are likely to be lower this year amid moderate inflationary pressures, thereby helping to support economic growth over the medium term. Overall, we still maintain our expectation that the Nigerian economy is likely to grow by 3.5% y/y in real terms in 2025 relative to 3.4% y/y growth in 2024.”
The headline PMI posted above the 50.0 no-change mark for the fifth consecutive month in April. At 54.2, the PMI was broadly in line with the 54.3 posted in March and pointed to a solid monthly improvement in business conditions.
Output increased at a sharp and accelerated pace in April, with the rate of expansion the most pronounced since January 2024. All four broad sectors saw business activity rise, with the sharpest growth in services.
Higher new orders and increased customer numbers were among the factors mentioned by respondents as having supported growth of output. New orders rose sharply as demand conditions strengthened, with the pace of expansion little-changed from that seen in March. In line with the picture for output, employment increased for the fifth consecutive month in April as firms responded to greater workloads and made efforts to complete orders on time. Although modest, the pace of job creation was at an eight-month high.
A desire to keep on top of orders was also behind a rapid increase in purchasing activity, with the pace of growth quickening to the fastest since February 2022. Stocks of purchases were also accumulated during the month. Despite efforts to complete orders in a timely manner, companies saw backlogs of work increase in April.
The accumulation was the first in 11 months, albeit modest. High costs for materials in some cases meant that firms weren’t always able to secure the necessary inputs for projects, while other respondents mentioned that power outages had caused delays. Purchase costs continued to rise sharply amid higher raw material prices and currency weakness.
The pace of inflation was faster than in March, albeit still one of the slowest over the past two years. Staff costs rose at a solid pace. The pass-through of higher input costs to customers meant that output prices also increased, with inflation here too slightly stronger than in March.
Companies remained optimistic that output will rise over the coming year, but sentiment dipped for the third consecutive month. Confidence often reflected business expansion and investment plans.
Unity Bank Launches GenFi, Targets Children, Teens with Gamified Banking Platform
In a bold move to redefine promotion of financial literacy, Nigeria’s retail lender, Unity Bank Plc, has unveiled GenFi, a new digital banking platform tailored to empower kids and teenagers between the ages of 8 and 18 with essential financial skills.
The launch follows a report by the Central Bank of Nigeria, which found that only 38% of Nigerian adults are financially literate. This alarming statistic underlines the urgent need for early financial education.
GenFi, therefore, aims to reverse this trend by offering young users the platform to manage money effectively, aggregate and track allowances or income, set and achieve savings goals, and develop smart spending habits with parental guidance.
Speaking at the official launch event in Lagos, the Managing Director/Chief Executive Officer (Ag) of Unity Bank Plc, Mr. Ebenezer Kolawole, said the launch of the Genfi App represents a significant milestone since Unity Bank’s foray into retail Banking started several years ago, adding that “as the Bank continues to evolve, the institution is constantly innovating with technology to enable us drive more financial inclusiveness in different segments of the market”.
Mr. Kolawole explained that Genfi was inspired by the desire to nurture a financially savvy generation, and empower them to make smarter financial choices.
He said, “GenFi is short for Generation Finance, and with this app, the Bank is pioneering solution designed to empower Children, Teenagers, particularly Gen Z and Gen Alpha, with essential financial literacy skills and a Personal Finance Management Solution.
“GenFi is a market proposition that helps us address a critical knowledge gap among our kids and Teens as it also connects with the strong passion of parents desirous to empower their wards with financial literacy.”
Similarly, the Divisional Head of Retail and SME Banking at Unity Bank, Mrs. Adenike Abimbola, described GenFi as a financial product that goes beyond Banking: hence a financial literacy ecosystem designed to inculcate financial literacy skills amongst Nigerian Children through an engaging and gamified platform.
“Financial literacy is not a luxury. It’s a life skill. And like most life skills, the best time to learn is from childhood. That’s why we created GenFi, not just as a banking app, but as an interactive experience that nurtures discipline, planning, and financial independence from an early age,” Abimbola explained.
The Genfi platform leverages behavioural science and gamification to make financial learning fun and practical. Parents can monitor transactions, guide financial behaviours, and initiate real-life conversations around money management, thereby promoting not just financial skills, but also stronger family bonds.
“Imagine a 12-year-old setting a goal to save for a bicycle, not only are they learning to save, but they are also learning patience, discipline, and the value of delayed gratification. That’s the GenFi advantage,” said Abimbola.
Speaking after the launch, one of the students who attended the launch event, Master Ajayi Favour of Victoria Island Junior Secondary School, described Genfi as an “innovative banking solution that will equip children and teenagers with financial intelligence, management, and independence.” He expressed confidence that the app will gain global reach and become popular among the target demographics.
Also, a guest at the launch and school proprietor, Sylvia Ezeora, described the Genfi app as “user-friendly, educational, and motivational for children”. She noted that beyond teaching financial literacy, “the app empowers parents to reinforce positive behaviour through rewards for completed tasks and promotes responsibility”.
Another guest and parent, Genevieve Adindu, commended Unity Bank for the innovative solution, tailored for children aged 8 to 18, and noted that Genfi “provides a modern, engaging approach to instilling saving habits early in life, replacing traditional methods like the kolo with a more effective digital tool, thereby becoming a powerful companion for children’s financial education”.
GenFi is positioned as a national benchmark for youth-focused digital banking, with the potential to drive economic inclusion and sustainability across generations. The launch event was attended by key stakeholders from the education and finance sectors, technology partners, media, and young students who will be among the early adopters.
emPLE Unveils BETA Life: A Three-in-One Endowment Plan for Smarter Savings and Protection
emPLE Life Assurance Limited has announced the launch of BETA Life, an endowment policy designed to empower Nigerians to grow their wealth, secure their future, and protect what matters most.
In a market where financial uncertainty and underinsurance remain widespread, BETA Life offers a refreshing alternative.
The product offers a unique combination of protection and savings in one simple, flexible plan helping Nigerians meet their financial goals while staying protected through life’s uncertainties.
With three cash benefits spread over the policy term, BETA Life helps customers plan for real goals be it education, rent, homeownership, or business without having to wait till the end of the tenure to benefit from their plan.
Speaking on the launch, Rantimi Ogunleye, MD/CEO of emPLE Life Assurance Limited, said:
“BETA Life is more than a product; it’s a solution built around the realities of our customers. It’s for the parent who wants to secure their child’s future, the entrepreneur planning ahead, or the individual who wants to save smartly without losing the safety net of protection. We’ve brought together savings and life insurance into one plan, because we believe financial empowerment shouldn’t mean choosing one over the other.”
With flexible policy durations and multiple payout points, BETA Life is designed to adapt to a customer’s journey while providing peace of mind. In the unfortunate event of death or permanent disability, the plan ensures that loved ones or the policyholder are financially supported, proving that life insurance can be just as much about living well as it is about preparing for life’s uncertainties.
This launch is a continuation of emPLE’s mission to make life insurance more inclusive, relevant, and empowering, giving more Nigerians the tools to build financial resilience with confidence.
About emPLE
emPLE is a leading financial services company dedicated to providing insurance and investment solutions to retail and corporate clients across Africa.
At emPLE, our purpose is to empower Africans by providing innovative financial solutions that enhance their freedom, security, and prosperity.
We believe that true empowerment comes from providing not just access to financial products but also the knowledge and tools necessary for our customers to make informed decisions and achieve financial independence.