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Oil & Gas Underwriting, Experts Canvass for Level –Playing Ground

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Notwithstanding the vast opportunities arising from insurance local content policy on oil and gas, operators have been tasked on providing a level playing field for all operators as well as blacking the leakages still going to foreigners, contrary to the provisions of the policy.
This position was canvassed by Adulphus Nwaeze, managing director of Trinity Consulting Group, while reviewing the performance of the policy so far.
According to him, “it is unethical for some operators to be discriminated against, particularly the brokers whose strategic position is crucial to the success of he policy.”
He stated that while the policy provided for at least 45percent of underwriting in the oil and gas for local insurers, only less than 10 percent is still being handled by local underwriters.
Nwaeze explained that it is unfortunate that some local companies still collude with foreigners to sell” out our rightful share under flimsy excuses.
He maintained that the preference for dollars over naira has been one of the tempting factors because foreign insurers are allegedly not enthusiastic about risks denominated in naira value.
The energy expert called on operators to develop a strategic charter and operational framework, identify leakages for necessary amendments as well as injecting a true Nigerian content opportunities into the policy.
This position had earlier been dwelt on at a forum by Mr. Wole Oshin, chairman of the Nigerian Insures Association.  According to him confronting local content policy goes beyond low capacity.  He said the inability of local underwriters to effectively markets themselves abroad is another challenge. 
The issue of effective local content policy has engaged experts’ attention in recent times. Earlier, Mr. Val Ujumah, managing director of First Bank of Nigerian Insurance Broker (FBNIB), said government’s desire of the local content policy may not be realized unless brokers are carried along. 
He stated that brokers have been sidelined in the selection of firms for the oil and gas insurance while also faulting the bidding processes for participation.
Of significance, he said, is the fact that contrary to current to practice, bidding for insurance should naturally be for brokers and not insurers.
Mr. Ujumah said what is in practice now is that the bidding processed is being controlled by one body.  He explained that the National Petroleum Investment Management Services (NAPIMS) appears to be the one controlling bidding.
He pointed out that it is the brokers who should be allowed to choose the insurers to work with and not for the insurers choose the re- insurers or broker as presently happening.
The local content policy on insurance was initiated by the Obasanjo’s administration.  The policy raised the level of indigenous participation in oil and gas underwriting to 45percent.  The policy which started in 2006 was first put at 10percent and is expected to rise to 70percent along the line.
Experts’ opinion is that with an enlarged position reserved for local underwriters, our economic life would be boosted.  The policy is also expected to boost the insurance industry which has been in limbo over a long time until recently.
The policy development is also expected to contribute substantially to the nation’s gross domestic product (GDP) which is projected to grow by more than 10percent.

 


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Court Remands Akujobi, Ex Access over alleged Theft of N294.5m

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Chinonso Akujobi, former staff of Access Bank in Lagos, has been remanded in Ikoyi prison after she was arraigned on a five-count charge bordering on stealing to the tune of N294.5m.

Court Remands Akujobi, Ex Access over alleged Theft of N294.5m

Akujobi who is being prosecuted by the Economic and Financial Crimes Commission (EFCC) was arraigned before Justice I.O. Ijelu of the State High Court sitting in Ikeja, Lagos.

EFCC alleged that Akujobi stole the money between January and December 2025 while under the employment of Access Bank Plc.

As stated in one the charges, the defendant stole the money through unauthorized payments from the general ledger of Access Bank to her account number 0036668871 with the name Chinonso A., Uchechi A. and Florence A., thereby committing an offence of stealing, contrary to Section 280 and punishable under Section 287 of the Criminal Law of Lagos State, 2015.

‎The defendant pleaded “not guilty“ to the charges when they were read to her.

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‎In view of this, S.M.Yabo, prosecution counsel, asked the court for a trial date and also prayed for the remand of the defendant in a Correctional centre.

Justice Ijelu, thereafter, adjourned the case till October 8, 2026, for the hearing of the bail application and the commencement of trial.

The Judge also ordered that the defendant be remanded in the Ikoyi correctional Centre.

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NSIB Faults Runway Identification, Reveals Cockpit Disagreement in Asaba Jet Incident

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The Nigerian Safety Investigation Bureau (NSIB) says the flight captain of the VMO Aero aircraft that landed on a roadway near Asaba Airport in Delta State told investigators that the observer pilot mistakenly identified the paved road as the runway before touchdown.

The bureau disclosed this in a preliminary report released on Thursday on the June 10 incident, which prompted the Nigeria Civil Aviation Authority (NCAA) to ground the private jet.

The aircraft had seven people on board, including the pilot-in-command (PIC), second-in-command (SIC), an observer pilot, a cabin crew member and three passengers.

According to the report, the aircraft was cleared by Air Traffic Control (ATC) to approach Runway 11 at Asaba Airport after the crew requested a right orbit.

The crew initially discontinued the approach, executed a missed approach and repositioned for a second landing attempt.

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NSIB said the crew reported that the aircraft’s navigation systems indicated it was correctly established on the published RNAV Runway 11 approach.

“The PIC and SIC reported that the observer pilot identified the paved surface ahead as the runway,” the report stated.

However, the observer pilot gave investigators a different version of events.

According to NSIB, he said the aircraft remained inside cloud until late in the approach and that the Ground Proximity Warning System (GPWS) repeatedly issued “TERRAIN, TERRAIN, PULL UP” alerts.

He also said he observed a telecommunications mast directly ahead and instructed the flight captain to abandon the approach and climb immediately.

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The bureau further disclosed that a cabin crew member reported that one of the passengers became concerned after overhearing discussions among the pilots and asked whether one of them was undergoing training. The passenger was reportedly reassured that all three pilots on board were experienced captains.

NSIB said no abnormal events were reported in the cabin before touchdown.

The aircraft eventually landed at about 8:57 a.m. on an under-construction paved roadway near Asaba Airport instead of the designated runway.

The bureau said its investigation into the incident is ongoing, while the preliminary report highlights conflicting accounts among the cockpit crew over the circumstances that led to the erroneous landing.

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EU warns Meta over addictive Facebook, Instagram designs, threatens fines

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European Union has warned Meta Platforms Inc. that it could face a significant financial penalty unless it changes what regulators describe as the “addictive design” features of Facebook and Instagram.

EU warns Meta over addictive Facebook, Instagram designs, threatens fines

The European Commission issued the warning in preliminary findings released on Friday, saying Meta had failed to sufficiently address risks posed by its platforms, particularly to children and vulnerable users.

The Commission said features such as infinite scrolling, personalised content recommendations and automatic video playback were designed in ways that encouraged excessive engagement with the platforms.

EU Executive Vice-President for Tech Sovereignty, Security and Democracy, Henna Virkkunen, said protecting the physical and mental well-being of European citizens should be a priority for social media companies.

The Commission said Meta should consider introducing design changes, including disabling autoplay and infinite scrolling by default, providing effective screen-time reminders and adjusting recommendation systems to reduce the focus on maximising user engagement.

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The findings were issued under the European Union’s Digital Services Act (DSA), which sets obligations for major online platforms to address risks associated with their services.

Meta, however, rejected the Commission’s conclusions, saying it disagreed with the findings but would continue engaging with European regulators.

The company said it had already implemented measures aimed at protecting younger users, including Teen Accounts that allow parents to manage screen time limits and restrict access during night hours.

The EU said its investigation, which began in 2024, found that existing time-management tools on Facebook and Instagram could easily be bypassed, while parental controls required technical knowledge that limited their effectiveness.

Regulators also expressed concerns over children’s nighttime use of the platforms and the possibility that features such as Reels and Stories could encourage compulsive behaviour.

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If the Commission’s preliminary findings are confirmed, Meta could face a fine of up to six per cent of its annual global revenue under the DSA.

The warning comes as the EU steps up efforts to strengthen online safety measures for children, with an expert panel established by European Commission President Ursula von der Leyen expected to present recommendations on protecting minors online.

Several EU member states, including France, have also supported discussions on restricting social media access for children, following Australia’s decision to ban users under 16 from accessing social media platforms.

Meanwhile, the Commission is continuing a separate investigation into whether Meta’s recommendation algorithms create “rabbit hole” effects by directing users towards increasingly extreme content.

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