General News
Saving Tips on New Car Insurance
Buying a new car is a pleasant experience and every one’s delight. However one could be in for a surprise if you learn about the shocking premiums you would be paying on a new car. New car insurance can vary widely from one body style to another. For example, you may know that sports cars cost more to insure than others in family category.. That general rule of thumb does not just apply to traditional sports cars; it also applies to the two-door versions of popular family sedans such as the coupe version of the Honda Accord. That’s because people who drive these cars statistically tend to drive more aggressively than their sedan counterparts, making them a greater risk and causing their insurance rates to rise. Interestingly, convertibles tend to have lower insurance rates unlike the hardtop counterparts.
Interestingly also, since bigger cars are safer, you might think that larger vehicles are cheaper to insure. This is not always the case. The largest cars can inflict more damage on smaller cars in a collision, which may result in costlier repairs thus leading to higher insurance rates. Like body style, the car’s engine and transmission often can affect the insurance rate. Generally, the greater the horsepower, the higher the cost of new car insurance, even when you are considering the same car with a variety of engines. When it comes to transmissions, cars with manual transmissions are generally more costly to insure than those with automatic transmissions. An exception to this rule is the pickup, which often has a manual transmission because of its use as a work or tow truck. The reason for the higher rates again relates to the typical driver. Those behind the wheel of cars with higher horsepower and manual transmissions tend to drive more aggressively and become involved in more collisions. While body style, engine size and transmission type are all major factors in the way that rates are computed for new car insurance, rates can vary for similar, competing vehicles primarily due to their safety ratings and their likelihood of being stolen. To drive home this point, a comparism of similarly equipped versions of the 2010 Honda Civic and the 2010 Nissan Altima showed that the Civic cost less to insure on average over a five-year span. It is advisable to seek expert opinion when making a choice.If your new car insurance is not providing you with all these benefits then take time to ensure you are getting the best rates. You and your family deserve to have insurance you can depend on to be there when you need it and without any hassle. You have enough to worry about, especially in these days of economic stress .Let your new car insurance be one thing you can depend on. When one is unfortunate to be involved in a car accident the last thing you need is the added stress of an insurance company that is difficult to reach or delays in processing your claims. Too many people are paying too much for their new car insurance without being aware of the better options alternative insurance companies are offering. When you are purchasing new car insurance are you being offered GAP insurance in case your car ever becomes totaled? Without this important aspect of new car insurance you could be responsible for a large sum of money when you least expect it. Some insurance companies will charge more for your new car insurance policy simply because of the age of your vehicle, but a fair company will take into consideration your good driving record and discount your rate accordingly. Make sure you have the insurance you need at the best price here.
Prompt Claims Payment: Crucial to Survival of Underwriting Firms – Experts
To be able to rise up to prompt payment, insurers have been further charged to shorn in- fighting and sharp practices, by charging adequate premium that could carry the volume of expected claims. Analysts believe that insurance firms must adhere to this by making sure that risks brought before them are properly assessed before premiums are charged. Corroborating this position, Mr. Raymond Odamo, managing director, Afromart Group said insurers should publicise claims payment as a way of enhancing the egative image of the industry and boosting public confidence. He commended some of the insurance companies who inspite of the perceived secrecy in claims payment, have been publicizing claims paid out to clients. "One of the major challenges facing the local insurance industry, besides the negative image problem and poor awareness among the insuring public, is the correct assessment of risks. Once risks are correctly assessed, it becomes easy to charge the right technical price. Industry experts believe that much as insurance is based on the understanding that claims are paid from a pool of premiums from similar risks, it is logical that when losses occur, the pricing of the risks will go up at renewal.
The practice over time has been accusations and counter accusation between underwriters and reinsurers on one hand and between insurers and the insuring public on the other. Rather than point fingers at each other, he stressed that it is time for insurers to check their rates and make them commensurate with the exposures they cover while also paying the claims when the need arises.. Besides, he said it should be noted that reinsurers basically provide capital to insurance companies and this costs money, stressing that that when the cost of capital increases, cost of reinsurance also increases. Considering the relationship of adequate premium with prompt claims payment he enjoined stakeholders to always include underwriters, intermediaries and the regulators in every facet of insurance business. While emphasizing that responsible underwriting and professional claims handling can only serve to improve the image of the industry in the eyes of the buying public, he called on the National Insurance Commission (NAICOM), to adopt a policy of compulsory claims payment declaration as a tool to boosting public confidence.
It would be recalled that Sovereign Trust Insurance (STI) in its traditional style of letting the public know its claims payment profile, recently released its claims paid out last year. According to a breakdown of claims paid by the company from January-September 2009, the underwriting firm has settled claims totaling N425, 458,581.89 in the last nine months.
A rundown of the figures showed that a total of N138 million was paid in the first quarter, N173 million in the second quarter while N114 million went into claims settlement in the third quarter.
Claims paid under Motor Insurance amounted to N220, 843,530.59 (representing 52% of the total figure), according to the Head of Claims Department in the organization, Emmanuel Anikibe, Fire and General Perils Insurance accounted for N48, 605,626.69 while a total of N110, 181,338.39 was settled as Claims under General Insurance within the Nine Months period under consideration. Other figures provided are Marine Insurance N13, 463,627.23, Engineering Insurance N17, 650,878.03 and Energy Insurance N14, 713,580.96.
While commenting, the Managing Director of the Organization, Mr. Wale Onaolapo stated that Claims payment is key and paramount to the survival and reputation building of any underwriting firm in the country.
In his words “whenever the need arises to pay claims as at when due, we do not see it as doing our customers a favour or doing anything out of the ordinary; we are only fulfilling the promises we made at the point of picking up the business.” “We are obligated to settle claims as at when due and we will do all in our capacity to ensure that we do not disappoint when it matters most” The whole essence of insurance is premised on restoring to former status even after the mishap. I enjoin Nigerians both individuals and corporate organisations to see insurance an integral part of our lives just as we live with risk on a daily basis.
Stating further, Onaolapo said “we are forever committed to our vision of being a leading brand providing insurance services of global standards hence professionalism, integrity and sound corporate governance are values we hold in high esteem and abide by in the day to day running of the organization.
STI has over the years, demonstrated commitment to optimally maintaining a leading position in the industry in Nigeria. According to recent ratings, the underwriting firm has shown a great deal of consistency with a lot of potentials for growth in the years to come. In terms of peer to peer performance the company is also doing very well when compared to other Insurers in terms of capital, assets, gross premium income, investment income and net premium income .Odamo urged NAICOM to emulate the on-going reforms in the banking sector by totally overhauling the insurance industry and shed it of all its negative attachments.
Abuja Zonal Directorate of the Economic and Financial Crimes Commission (EFCC), has arraigned Blessing Gozi-Anyaokei, managing director, Viscount Microfinance Bank, over allegations of unlawful conversion of investment funds amounting to N19 million and $30,000.
Blessing Gozi-Anyaokei, managing director, Viscount Microfinance Bank
Gozi-Anyaokei was brought before Justice Y. Halilu of the Federal High Court, Maitama, Abuja, on a two-count charge bordering on alleged illegal conversion and obtaining money under false pretence.
According to a statement issued on Thursday by Dele Oyewale, EFCC spokesperson, the defendant allegedly received N19 million from one Ernest Terkula Jor in 2022 for investment purposes while serving as the Managing Director of the bank.
The anti-graft agency accused her of diverting the funds for personal use, contrary to the provisions of the Penal Code Act.
In the second charge, the EFCC alleged that she also received $30,000 from the same individual for investment purposes but dishonestly converted the money for her personal benefit.
The commission stated that the alleged offences contravene Section 311 of the Penal Code Act Cap 532, Laws of the Federation of Nigeria (Abuja) 1990, and are punishable under Section 312 of the same Act.
The defendant pleaded not guilty to the charges when they were read before the court.
Following her plea, prosecution counsel, S.N. Robert, requested a date for the commencement of trial.
Justice Halilu subsequently granted the defendant bail with two sureties who must possess landed property within Abuja.
The court also ordered her to surrender her travel documents and barred her from travelling outside the country without court approval.
The matter was adjourned until July 19, 2026, for commencement of trial.
Ms. Cynthia Rowe, the Head of Development Cooperation at the British High Commission Abuja, has completed high-level engagements with Kano and Jigawa States, reaffirming the United Kingdom’s long-term commitment to development and reform in northern Nigeria.
The engagements with state governors, senior government officials and civil society leaders, underscored the UK’s modern approach to development as a genuine partnership with Nigeria. This approach prioritises state led ownership and sustainable development that delivers lasting impact through strengthening systems and partnerships grounded in investment, trade, climate financing, technical expertise and joint accountability.
Nigeria remains one of the United Kingdom’s most significant development partners, and the engagements underlined the strength and ambition of the bilateral relationship reaffirmed during the recent UK-Nigeria State Visit.
Kano State
In Kano, Head of Development Cooperation, Cynthia Rowe, met with Deputy Governor Alhaji Murtala Sule Garo and senior officials including the newly confirmed Head of Civil Service and Secretary to the State Government. The visit recognised Kano’s progress on climate finance, health system reform and private sector investment supported through UK technical assistance.
Jigawa State
In Jigawa, she met with Governor Umar Namadi and heads of key ministries, departments and agencies. The meeting celebrated more than 25 years of UK-Jigawa partnership, one of the most longstanding bilateral development relationships at the subnational level in Nigeria. Discussions covered the state’s continued progress on health systems reform, agriculture, and governance and the path forward under UK-technical assistance.
Since 2022, PLANE has supported Kano, Kaduna and Jigawa to strengthen state-led education delivery systems, working through Ministries of Education, SUBEB and key agencies. Its RANA+ foundational learning packages have reached 1.4 million pupils across the three states, alongside wider system strengthening.
At the end of the visit, the Head of Development Cooperation, Cynthia Rowe said: “For more than 25 years, we have worked side by side with state governments including Jigawa and Kano states, their communities, and civil society to build stronger health systems, improve learning outcomes for millions of children, support farmers to grow their businesses, and help states attract the investment they need to thrive.
These visits have reinforced our confidence in what this partnership can achieve. We are working together to deliver lasting change, and deepening a relationship built on genuine mutual respect and shared ambition for Nigeria’s growth and development.”
The Green Finance Investment Facility (GFiF), a blended finance platform to mobilise large-scale private and institutional investment into distributed renewable energy infrastructure across Nigeria, has officially launched.
The facility, led by Barton Heyman Limited in partnership with the Rural Electrification Agency (REA), UK PACT, First City Monument Bank (FCMB), and ARMHIIL, aims to raise $188 million to finance 191 megawatts of distributed solar capacity for households, communities, and businesses across Nigeria.
The initiative also supports the Distributed Access through Renewable Energy Scale-Up (DARES) programme, a national effort to expand electricity access through decentralised renewable energy solutions.
Launched on May 7, 2026, in Lagos, the platform brought together financial institutions, renewable energy developers, policymakers, and development finance stakeholders. Its goal is to unlock financing solutions that accelerate energy access, reduce financing gaps, and support Nigeria’s transition to cleaner, more sustainable energy systems.
Speaking at the launch, the Managing Partner of Barton Heyman Limited, Olumide Lala, described the facility as a market-driven model capable of unlocking private capital at scale for Nigeria’s energy transition.
“The Green Finance Investment Facility is more than a financing arrangement; it represents direct support for over one million Nigerians. Nigeria’s distributed renewable energy sector can be financed using a private-sector framework that leverages sovereign pipelines, results-based funding, and commercial loans to attract private capital at the national level. This is our initial step to raise $40 billion to finance 20 gigawatts of distributed renewable energy,” he said.
Also speaking, Anthony Feyitimi, Senior Partner, Barton Heyman, said: “The Green Finance and Investment Facility is not simply about clean energy. It is about what reliable, distributed power makes possible for Nigeria’s economy. Every megawatt we finance is a business that can operate, a supply chain that can function, a community that can compete.
“We have structured a blended finance platform that brings together sovereign pipelines, results-based funding, and commercial capital into a single, replicable facility. The GFIF Pilot is our first $188 million step. The platform’s ambition is $40 billion and 20 gigawatts. We are building it from Nigeria, for Nigeria.”
The Managing Director of the REA, Abba Aliyu, said the initiative directly addresses one of the sector’s most pressing constraints — access to finance.
“The Green Finance Investment Facility can tackle access to finance, one of the main barriers to renewable energy deployment. Today’s launch is the outcome of a strategic partnership created to ensure communities lacking reliable power can access electricity. We are proud of what this facility signifies for Nigeria’s energy future,” he stated.
Speaking on behalf of FCMB, George Ogbonnaya, Senior Vice President and Divisional Head, Business Banking Group, highlighted the Bank’s expanding role in renewable energy financing and inclusive infrastructure development.
“FCMB has established itself as a leading renewable energy financing institution, serving as a first-time lender to many players driving growth in the sector. We have committed ₦100 billion in debt financing for DARES. Currently, we are funding over eight developers under the DARES isolated mini-grid Performance-Based Grant programme and finalising funding for another seven developers.
“We will continue to support developers in scaling and meeting electrification targets, improving quality of life in rural and peri-urban communities. This aligns strongly with our purpose of fostering sustainable growth within the communities we serve,” he said.
He further disclosed that FCMB has financed more than 42 mini-grid projects and is supporting efforts to connect over 2 million households, in line with Nigeria’s national electrification objectives.Nigerian politics analysis
Derek Chime, Chief Investment Officer at ARM Harith Infrastructure Investment Limited (ARMHIIL), called for deeper collaboration across the ecosystem to unlock more investment into renewable energy infrastructure.
Simon Field, Deputy Head of Mission at the British High Commission in Lagos, reaffirmed UK PACT’s commitment to strengthening green finance frameworks and expanding renewable energy adoption in Nigeria.
Titilayo Oshodi, Special Adviser on Climate Change and Circular Economy to the Governor of Lagos State, stressed the importance of coordinated investment, innovation, and policy support in accelerating sustainable energy access.
Nigeria continues to face significant challenges in electricity access, with millions of households and businesses lacking a reliable power supply. Stakeholders at the launch noted that initiatives like GFiF are critical to mobilising long-term capital, reducing investment risk, and accelerating the deployment of clean energy solutions to power communities nationwide.
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