Author: Ogochukwu Ndubuisi

NAICOM Warns Insurers Against Keeping Recapitalised Funds Idle  The National Insurance Commission (NAICOM) has urged insurance companies to deploy their recapitalised funds effectively to strengthen operations, improve claims settlement and deepen insurance penetration.  Mr Olusegun Omosehin, Commissioner for Insurance and Chief Executive Officer of NAICOM, made the call at the 11th Annual Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE) on Thursday evening. The conference which held in Lagos had the theme: “Post-Recapitalisation Market Dynamics in Insurance and Pension Sectors”. Omosehin said recapitalisation would only achieve its objectives if insurers deployed the additional capital to create sustainable…

World Bank Group Appoints David Vaillant as MD, CFO World Bank Group President Ajay Banga announced the appointment of David Vaillant as World Bank Group Managing Director and Chief Financial Officer (MD/CFO). Vaillant has spent two decades at BNP Paribas leading finance and strategy functions and structuring landmark capital markets transactions for financial institutions, governments, and central banks across emerging and developed markets. As CFO, Vaillant will be responsible for financial management, treasury operations, and risk management across a balance sheet deployed in more than 100 developing countries. He will lead bond issuance across IBRD, IDA, and IFC, which together…

Enugu Secures $200m Investment for 100MW Solar Power Programme The Enugu State Government has secured a $200 million investment for the development of a 100-megawatt (MW) solar power project aimed at improving electricity supply to homes and businesses across the state.  The investment, estimated at N300 billion, was disclosed during a meeting between Gov. Peter Mbah and a delegation from Eauxwell Nigeria Ltd., led by its Managing Director, Mr Edwin Enwegbara, at the Government House, Enugu on Thursday.  The investment engagement was facilitated through the state’s Climate and Development Investment Platform (CDIP), coordinated by the Special Adviser to the…

Nigeria Pushes Global Tax Reforms, Cheaper Development Loans at UN Nigeria has called for urgent reforms of the international financial architecture to address high borrowing costs and persistent development financing gaps confronting African countries. Nigeria’s Permanent Representative, Amb. Jimoh Ibrahim, made the call on Thursday during the UN General Assembly’s Second Committee debate on macroeconomic policies and financing for development. The Nigerian delegation said rising interest rates in developed economies were undermining developing countries’ access to affordable credit. It warned that higher borrowing costs complicated debt management, disrupted capital flows and constrained progress towards the Sustainable Development Goals. Nigeria…

Nigerian States’ Revenues Rise 93%, Education Spending Falls – World Bank   ‌‍⁠‌‍⁠⁠‍ ‌‌⁠ The World Bank says Nigeria’s 36 states recorded a 93 per cent increase in revenues between 2023 and 2025, but education received a declining share of the sector’s expenditure.  The bank disclosed this in its latest Nigeria Development Update, which examined how increased public revenues have influenced spending priorities across the federation. The report was made available to the News Agency of Nigeria by the World Bank in Washington, D.C.  According to the report, states’ aggregate revenues rose by approximately 93 per cent in real…

Power Generation Utilisation Hits 81% in September-NERC    The Nigerian Electricity Regulatory Commission (NERC) says Nigeria’s grid-connected power plants utilised an average of 81 per cent of available generation capacity in September.  The commission disclosed this in its September Operational Performance Fact sheet posted on its X handle in Abuja on Thursday. According to the fact sheet, an average of 5,038 Megawatts (MW) was available for dispatch during the month of September. The commission said that average hourly generation stood at 4,089MW, representing an average load factor of 81 per cent of the available generation capacity. The report also highlighted the performance…

NLC gives FG 2-Week Ultimatum to Reduce Petrol Price, Renegotiate Minimum Wage The Nigeria Labour Congress (NLC) has given the Federal Government a two-week ultimatum to reduce petrol prices and commence renegotiation of the national minimum wage. The ultimatum is contained in a communiqué signed by NLC President, Mr Joe Ajaero, after a joint meeting of the National Executive Council (NEC) and Central Working Committee (CWC) on Thursday in Abuja. The meeting deliberated on the state of the nation, economic hardship, rising cost of living, and what the NLC described as existential threats confronting workers and the masses.  “The…

Afreximbank Welcomes Africa’s Credit Rating Agency AfCRA  ‌‍⁠‌‍⁠⁠‍The African Export-Import Bank (Afreximbank) has welcomed the introduction of the Africa Credit Rating Agency (AfCRA), instituted to strengthen continental capital markets.  The bank said it is an important milestone in expanding the continent’s capacity to generate credible, independent analysis of African credit risk. In a statement issued by Vincent Musumba, Communications and Events Manager, Afreximbank, on Thursday, the bank said credit ratings played a crucial role in determining access to capital. The bank added that credit ratings also influence investor perceptions and shape the cost at which governments, institutions, and businesses finance…

Ghana Approves Formal Application to Join BRICS Ghana’s government has approved plans to formally apply for BRICS membership as part of a strategy to accelerate economic development. Ghana’s Foreign Affairs Minister Samuel Okudzeto Ablakwa announced this on Thursday.  Ablakwa confirmed that the Cabinet of President John Mahama had authorised the move, with preparations under way to submit the application and seek support from existing BRICS members According to the Foreign Affairs Minister, the proposed membership would support Ghana’s economic transformation agenda by creating opportunities for investment, job creation, industrialisation and greater value addition to the country’s natural resources. The minister…

Nigeria is emerging as one of Africa’s leading centres of Artificial Intelligence activity, alongside Kenya and South Africa, according to the World Bank.