Author: Ogochukwu Ndubuisi

NAICOM Warns Insurers of Liquidation Over Recapitalization Deadline The National Insurance Commission (NAICOM) has warned insurance companies in Nigeria that failure to meet the July 2026 recapitalization deadline will result in strict regulatory actions, including liquidation or merger. This directive follows the recent passage of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which introduced new Minimum Capital Requirements (MCR) for insurance and reinsurance companies. According to NAICOM, life insurance companies are required to raise their minimum capital to N10 billion, non-life insurance companies to N15 billion, and reinsurance firms to N35 billion. The commission emphasized that assets that are…

Otti Addresses Concerns on $125m Islamic Bank Loan for Abia Gov. Alex Otti of Abia has addressed concerns surrounding the $125 million loan from the Islamic Development Bank (IDB), saying that the conditions were generous. Otti, while responding to questions during the monthly media parley on Friday in Umuahia, allayed fears expressed at some quarters concerning the IDB loan. “There is nothing to worry about; the conditions are generous, and by the time I looked at it, I was actually surprised,” he said. The Federal Executive Council had at its meeting on Wednesday, approved the facility to finance the Abia…

GCR Suspends Ratings on Union Bank of Nigeria GCR Ratings has suspended the ratings on Union Bank of Nigeria Limited (UBN), without review. The ratings agency also announced it has suspended the ratings on Union Bank of Nigeria Plc’s NGN6.3 billion Series 2 Senior Unsecured Bonds, without review. According to GCR, Union Bank of Nigeria’s 2024 audited financial statements have not been approved by the Central Bank, and therefore a review of the ratings cannot be finalised as a result of information sufficiency standard requirement. GCR said it will only reinstate the ratings and analytical coverage for UBN should the…

Telecom Sector Attracts $1bn After Pricing Review – NCC The Nigerian Communications Commission (NCC) says its decision to return to market-driven pricing in the telecoms sector has spurred over one billion dollars in infrastructure investment or capital expenditure in 2025. Aminu Maida, Executive Vice-Chairman of the NCC, said this during an interactive session with journalists in Lagos on Friday. He explained that the policy shift, introduced in January and February 2025, allowed mobile network operators to adjust tariffs by up to 50 per cent after nearly a decade of stagnant pricing. “This act alone, has allowed investments to flow in.…

Abia Announces Approval of $125 million Islamic Bank Loan Abia Government has announced the approval of $125 million Islamic Bank (IsDB) loan financing facility by the Federal Executive Council at its meeting of Wednesday, Aug. 13. Mr Ukoha Njoku, the Chief Press Secretary to Gov. Alex Otti, disclosed this in a statement issued to newsmen in Umuahia on Thursday. Ukoha added that the facility would be used for the state Integrated Infrastructure Development Project. “This approval marks a major milestone in a project that has undergone extensive consultations and procedural steps. “The fund is a critical component of the overall…

Tinubu Deserves Credit for Stabilising Economy – Okonjo-Iweala ‎ Dr Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization, (WTO,), says President Bola Tinubu deserves credit for stabilising Nigeria’s economy through bold reforms. She spoke with State House correspondents on Thursday after a closed-door meeting with the President at the Presidential Villa, Abuja. Okonjo-Iweala noted the government’s efforts to steady the economy as a key step in building long-term growth. ‎”The president and his team have worked hard to stabilize the economy and you can’t really improve an economy unless it’s stable. “He has to be given the credit for…

NUPRC Unveils Strategies to Boost Oil Sector The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has flagged inefficiencies and overlapping regulations as major obstacles to growth in Nigeria’s upstream oil and gas sector. The challenges are opaque fiscal structures and weak investor confidence. NUPRC Chief Executive, Mr Gbenga Komolafe, outlined these challenges at the Nigerian Association of Petroleum Explorationists (NAPE) golden jubilee lecture on Thursday in Lagos. Komolafe spoke on: ‘Evolution of Oil and Gas Regulation in Nigeria: Opportunities, Achievements, and Regulatory Strategies for Upstream Resource Optimisation.’ He that lengthy approvals and uncompetitive regulations hinder resource exploitation. He traced sector development…

FG Unveils N10m Interest-Free Loan Scheme for Staff in Tertiary Institutions The Federal Government has unveiled a ₦10 million Tertiary Institutions Staff Support Fund (TISSF), designed to improve the welfare, career development, and financial stability of academic and non-academic staff in tertiary institutions. The scheme, unveiled by the Minister of Education, Dr Tunji Alausa in Abuja on Thursday, is an interest-free loan. The TISSF is a joint initiative of the Federal Ministry of Education and the Tertiary Education Trust Fund (TETFund), implemented in partnership with the Bank of Industry. Alausa said the scheme was an intergral part of President Bola…

Ajaokuta Indebted to N2 billion in Electricity Yet not Producing Steel The Chairman of the Senate Committee on Steel Development, Patrick Ndubueze, disclosed that the moribund Ajaokuta Steel Company was at times indebted to the tune of ₦2 billion in electricity payments, despite not producing. Sen. Ndubueze stated this at the maiden edition of the National Steel Summit with the theme “Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness” on Wednesday in Abuja. “Once in Ajaokuta I cried for my beloved country. Ajaokuta can produce brake parts, ball bearings, seals, engine blocks and other…

eTranzact Unveils AI Readiness Report for SMEs eTranzact International Plc, in partnership with the Enterprise Development Centre at Pan-Atlantic University, on Wednesday launched a report on ‘AI Readiness of Nigerian SMEs.’ Speaking during the Lagos launch, eTranzact Managing Director/CEO, Mr Niyi Toluwalope, said the company views Artificial Intelligence as an immediate opportunity for Nigerian businesses. “This research bridges the knowledge gap by helping SMEs understand their AI adoption status and what they need to compete locally and globally,” he said. He added that the study reinforced eTranzact’s role as an enabler of digital growth and innovation beyond payments. The report…