News
Senate Proposes N50m Fine for Unlicensed Insurance Firms
The Senate has proposed a fine of N50m to the principal officers of insurance companies operating without valid licenses or that they be sentenced to a two-year prison term or both.
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It proposed this in a bill sponsored by Senator Tokunbo Abiru (APC, Lagos East) and 40 others titled, ‘Nigeria Insurance Industry Reform Bill, 2024,’ which seeks an Act to repeal the Insurance Act, Cap117 2004, the Marine Insurance Act, Cap M3 Laws of the Federation of Nigeria 2004, the Nigeria Reinsurance Corporation Act, Cap, N131, Laws of the Federation of Nigeria, etc.
The bill which passed its second reading in July also proposed that any individual found engaging in unlicensed insurance activities will face a fine of N25,000,000 or imprisonment for up to two years, or both.
The bill states, “A person who transacts any insurance business without being licensed for that purpose under this bill commits an offence and is liable on conviction, in the case of an individual, to a fine of N25,000,000 or to imprisonment for two years or both.
“(b) a company, firm or other combination of persons, each principal officer of the company, firm or other combination of persons responsible to a fine of N50,000,000 or imprisonment for a term of two years; or to both.”
In addition to these punitive measures, the bill outlines stringent capital requirements that must be met by any entity wishing to operate in the insurance market.
Non-life insurance businesses must maintain a minimum capital of N25bn or a risk-based capital as the commission determines.
The Senate also set the minimum capital for life assurance businesses at N15bn, while reinsurance businesses are required to maintain a capital of N45bn.
These requirements, according to the sponsor, are designed to ensure that insurers possess the financial resilience necessary to meet their obligations.
The bill also mandates that any insurer intending to commence operations in Nigeria must deposit 50 per cent of the required minimum capital with the Central Bank of Nigeria.
It added that upon registration, 80 per cent of this deposit will be returned with interest within 60 days. Existing companies are required to deposit 10 per cent of the minimum capital with the CBN, with interest applied annually at the minimum lending rate.
To further protect consumers, the bill specifies that insurance policy documents must be delivered to the insured within five working days after the payment of premiums, or within 30 working days for special and industrial risk insurance.
Failure to comply with this provision will result in a fine of up to five per cent of the premium received, along with additional penalties as determined by the commission.
Insurers are also prohibited from denying claims based on policy terms or conditions if it is proven that the policy document was not delivered before the loss occurred, except in specific circumstances.
Moreover, the bill noted that the introduction of new insurance products will require prior approval from the commission, which must respond within 30 days of receiving an application.
If the commission fails to communicate its decision within this timeframe, the product will be deemed approved.
Insurers who introduce new products without the necessary approval will face daily fines of N5m for each day the violation continues.
The bill states that “A person shall not carry on insurance business in Nigeria unless the insurer has and maintains, while carrying on that business, a minimum capital in the case of non-life insurance business, the higher of N25,000,000,000.00, or risk-based capital determined from time to time by the commission.
“In the case of life assurance business, the higher of — N15,000,000,000, or risk-based capital determined from time to time by the commission.”
It further adds that “in the case of reinsurance business, the higher of N45,000,000,000, and risk-based capital determined from time to time by the commission.”
News
UK Appoints Peter Vowles as British High Commissioner to Nigeria

The UK Government has announced the appointment of Mr Peter Vowles as the next British High Commissioner to the Federal Republic of Nigeria.

Mr Vowles succeeds Dr Richard Montgomery CMG and is expected to take up his post in Abuja in September 2026. Dr Montgomery remains in post until that time.
Mr Vowles brings extensive diplomatic and development experience to the role, having served as His Majesty’s Ambassador to Zimbabwe from 2023 to 2026 and previously as Ambassador to Myanmar from 2021 to 2022.
He has held senior leadership positions across the FCDO and its predecessor department DFID, including as Transformation Director and Director for Asia, Caribbean and Overseas Territories.
Earlier in his career, Mr Vowles worked in international development across South Asia, Central Africa and East Africa, including postings in Bangladesh, India, the Democratic Republic of Congo and Kenya. He began his career in Zimbabwe, where he worked in education and development.
Peter Vowles said: “I am honoured to be appointed as British High Commissioner to Nigeria. Nigeria is a country of immense importance to the United Kingdom, and I look forward to working closely with Nigerian partners to strengthen our relationship across trade, development and security.”
News
Nigeria’s Apapa, Tin Can Ports Make Global Top 20 Improvement List

World Bank has ranked the Apapa and Tin Can Island Port complexes in Lagos among the world’s 20 most improved ports in its 2025 Container Port Performance Index (CPPI), released in June 2026.

The ranking places both ports in the “Top 20 Port Improvement Since 2020” category, reflecting significant gains in operational efficiency and vessel turnaround time.
The CPPI is a global benchmark used to assess the efficiency of container ports based on factors such as cargo handling speed, ship turnaround time and overall logistics performance.
According to the report, the improvement highlights ongoing reforms and modernization efforts within Nigeria’s maritime sector.
The Managing Director of the Nigerian Ports Authority (NPA), Mr Abubakar Dantsoho, attributed the recognition to ongoing policy reforms and infrastructure upgrades in the sector.
He said the development reflects the impact of economic policies of President Bola Tinubu and the support of the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola.
“With the investor-friendly policies of President Bola Ahmed Tinubu providing the impetus for increased investment to drive our port infrastructure and equipment modernisation programme, coupled with the unflinching support of the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, we have all it takes to further enhance trade facilitation, improve competitiveness and boost the national economy,” he said.
The NPA said the recognition is expected to strengthen investor confidence in Nigeria’s maritime sector and enhance the country’s position as a regional trade and logistics hub.
It noted that improvements in port operations are already contributing to increased efficiency in cargo movement and reduced delays at key terminals.
The authority also pointed to ongoing efforts to modernise port infrastructure and expand digital systems aimed at improving service delivery.
Earlier in February 2026, the NPA said the federal government had intensified efforts to position Nigeria as a leading maritime destination through port rehabilitation and modernization projects.
It also highlighted public-private partnership initiatives, including developments at the Lekki Deep Sea Port, as part of broader reforms aimed at improving efficiency and attracting investment.
The CPPI ranking is expected to further boost Nigeria’s maritime profile and encourage additional investment in the sector.
News
PalmPay Joins Industry Leaders @ Digital Pay Expo 2026

As digital payment adoption continues to grow across Nigeria and emerging markets, the next phase will depend not just on innovation, but on the strength, reliability, and trustworthiness of the infrastructure behind it.

While the ecosystem has made clear progress in recent years, trust remains a critical issue for users, businesses, and operators alike. Questions around resilience, security, interoperability and transaction reliability continue to shape how the market evolves and how confidently digital payments can scale.
These issues will be central to the deliberations at Digital Pay Expo 2026, where fintech leaders, payment operators, and other ecosystem stakeholders will gather under the theme, “Seamless Digital: Fostering Pan-African Market Expansion in the Era of AI.”
PalmPay’s participation reflects its continued commitment to building trusted and scalable payment infrastructure, while contributing to the broader industry efforts to strengthen systems, standards, and partnerships needed to support long-term ecosystem growth.
Speaking ahead of the event, Olorunfemi Hanson, Head of Marketing and Communications at PalmPay Nigeria, said: “As the financial services ecosystem continues to grow, trust and reliability become even more important.
“The industry’s next phase will be shaped not only by innovation, but by the strength of the infrastructure supporting it. Digital Pay Expo provides an important platform to address the resilience, interoperability, and trust issues that will shape the future of digital payments growth across Africa.”
The event, scheduled to be held from the 17th to the 18th of June, 2026, will feature Chika Nwosu, Managing Director of PalmPay Nigeria, alongside other distinguished guests, including the Director-General, Payment System Management Department (PSMD), Central Bank of Nigeria. The event will examine how the industry can balance innovation, regulation, and scalability while strengthening trust across the digital payments value chain.
For PalmPay, this event reinforces its role in supporting a more resilient, secure and scalable payments ecosystem for Nigeria and emerging markets more broadly.
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