General News
Insurance and Banking in Nigeria: Any Relationship?
Under the financial services sector, banks and insurance companies fall within the same tripod, alongside the capital market. As the Central Bank of Nigeria continues in its reform of the banking sector, the National Insurance Commission {NAICOM} has also not been left behind in the formulation of policies and other regulatory frameworks. However the question agitating the minds of industry watchers is why despite efforts put in place, the insurance industry has not occupied the ideal position in Nigeria. Elsewhere, insurance provides a leadership role to other segments of the financial sector, with many banks being owed by insurance companies. What is the role of insurance in the development of any economy, particularly in Nigeria where insurance seems to be crawling instead of running. While appreciating the professional efforts already in place to change the trend, it is expedient to guide the public on what relationship if any, exists between the banks and insurance. According to Mr. Adeyemo Adejumo, managing director of Continental Reinsurance plc, “traditionally, the financial services sector is commonly classified along the lines of banking and non-banking institutions with insurance taking a pride of place in the latter class.” He explained that “globally, banking and insurance have evolved as playing leading roles in the activities of the financial services industry, stressing that over the years, there have been arguments and counter arguments about the ‘ideal’ relationship that should exist between banking and insurance practices and this has also been recognized by governments around the world.” The Continental Reinsurance boss who delivered a paper on the relationship between banks and insurance at a public forum, said that in the United Kingdom for instance, the Financial Services Authority (FSA) was established as the single regulatory body for both the banking and insurance industries, in recognition of the fact that although some differences may exist in their operation, to a great extent there exist some meaningful relationship between them. He said the Financial Services Act of 1999 has far-reaching and major implications towards the movement of globalization in the banking industry. The bill first and foremost, he said, allows mergers between different sections of the industry that were previously not allowed, a situation which allowed insurance companies to merge with banks.
Adejumo explained that in Canada, for instance, the Bank Act and accompanying regulations contain specific rules pertaining to chartered banks and their involvement in the insurance business. The Insurance Business (Bank and Bank Holding Companies) regulations authorize banks to sell certain insurance products closely related to their lending businesses. Banks may also sell other types of insurance through subsidiary companies, subject to certain restrictions. He explained that as a result of the globalization and liberalization of the financial services industry, many financial institutions are participating in the business activities of other financial institutions, banks and insurance companies in particular. “Several European countries have made considerable regulatory changes regarding the banking and insurance sectors. Although regulatory changes vary from country to country, there has been a pan-European trend towards the ‘Universal Bank’ and the limitations of the past no longer exist. Banks are now able to operate across a broader range of activities, including insurance, via legally independent risk carriers. The insurance companies and banks are not competing within just the life insurance industry and banking industry respectively anymore but within the wider financial services marketplace,” he said. The reinsurance expert stressed that in Nigeria, following the Central Bank of Nigeria’s approval-in-principle of the adoption of universal banking, it released Guidelines for the Practice of Universal Banking in Nigeria in December 2000.
According to the guideline banking business in Nigeria was defined as “the business of receiving deposits on current, savings or other accounts, paying or collecting cheques drawn or paid in by customers, provision of finance, consultancy and advisory services relating to corporate and investment matters, making or managing investment on behalf of any person and the provision of insurance marketing services and capital market business or such other services as the Governor of the Central Bank of Nigeria which may, by gazette, designate as banking business.” This implied that banks are free to choose which activity or activities to undertake, whether it is money or capital market activities or insurance marketing services or a combination thereof and are expected to comply with the guidelines specified for such activity or activities.
Consequently he said, a bank will be regulated based on the type of activities it engages in.
This situation led to the issuance of a single uniform license to all conventional banks which are
Nigerian Communications Commission (NCC) has unveiled a forward-looking strategy that places satellite-enabled mobile connectivity at the heart of the country’s drive to bridge its long-standing coverage gaps.
The draft Spectrum Roadmap for the Communications Sector for 2025 to 2030 lays out how satellite technologies could help deliver reliable voice and data services to millions of Nigerians who live beyond the reach of conventional mobile networks.
The direction is outlined in the Commission’s draft Spectrum Roadmap for the Communications Sector covering the period.
The proposed approach highlights non-terrestrial networks as a complement to existing mobile infrastructure, especially in areas where terrain, insecurity, or high costs limit the deployment of base stations.
The NCC said D2D satellite technology, which allows standard mobile phones to connect directly to satellites, is gaining traction globally as a means of delivering voice and data services without reliance on ground towers.
According to the regulator, the technology could help close persistent coverage gaps in rural, riverine, and border communities that remain outside the reach of conventional networks.
It also noted that satellite-backed connectivity could improve network reliability by providing alternative links during fibre cuts, power failures, or other disruptions affecting terrestrial systems.
The Commission added that wider adoption of D2D services could support emergency communications, public safety operations, Internet of Things applications, and services such as smart agriculture in underserved regions.
It also pointed to potential investment opportunities through partnerships between mobile network operators and satellite companies, including more efficient use of shared spectrum resources.
Beyond D2D services, the roadmap places emphasis on Low-Earth Orbit satellites to expand broadband access to remote parts of the country.
It also proposes better utilisation of Geostationary Orbit satellites and the exploration of high-altitude platforms, such as stratospheric balloons, to support mobile backhaul and rural connectivity.
The policy signals come shortly after Airtel Africa announced an agreement with SpaceX to introduce Starlink-powered direct-to-cell services in Nigeria.
The NCC’s roadmap is expected to shape future spectrum allocation, licensing decisions, and technology adoption across the telecommunications sector.
General News
House of Reps Releases Certified Copies of Tax Reform Acts amid Gazette Discrepancy Claims
House of Representatives has released certified true copies of the four tax reform Acts signed into law by President Bola Tinubu, addressing public concerns over alleged discrepancies between legislative versions and circulated gazetted documents.
Tax Reform Acts
House spokesperson, Akin Rotimi, disclosed this in a statement, noting that Speaker Tajudeen Abbas directed the immediate publication of the Acts—including endorsement and presidential assent pages—for public verification, in collaboration with Senate President Godswill Akpabio.
The move followed allegations raised by Rep. Abdulsamad Dasuki on the House floor, highlighting inconsistencies between Bills passed by the National Assembly and executive gazetted versions, which he warned could erode legislative integrity and public trust.
Abbas constituted a seven-member ad hoc committee chaired by Rep. Aliyu Betara, with members including Idris Wase, Sada Soli, Adedeji Faleke, Igariwey Iduma, Fred Agbedi and Babajimi Benson, to investigate the alleged alterations, unauthorised circulation and preventive measures.
The committee’s mandate includes probing circumstances around the discrepancies, while Abbas ordered internal verification and public release of certified copies to dispel doubts and safeguard legislative records. Legal experts, tax professionals and civil society had demanded clarification and implementation suspension amid heated debates triggered by Dasuki’s intervention.
The released laws comprise the Nigeria Tax Act, 2025; Nigeria Tax Administration Act, 2025; National Revenue Service Establishment Act, 2025; and Joint Revenue Board Establishment Act, 2025, described as foundational to modernising Nigeria’s tax system.
These reforms aim to enhance compliance, curb inefficiencies, eliminate overlaps and bolster fiscal coordination across federal, state and local tiers, following extensive stakeholder consultations, committee reviews and plenary debates under Abbas’s leadership.
Rotimi reassured Nigerians: “The National Assembly is an institution built on records, procedure, and institutional memory. Every Bill, every amendment, and every Act follows a traceable constitutional and parliamentary pathway.”
He emphasised that only National Assembly-certified versions hold authority, urging the public, institutions and stakeholders to disregard all other circulating documents as unofficial.
MultiChoice, a CANAL+ company, has retained the distribution rights to 12 Warner Bros. Discovery thematic channels following the signing of a new multi-year, multi-territory agreement between CANAL+ Group and Warner Bros. Discovery, marking a significant expansion of their long-standing partnership.
MultiChoice
The new deal, which spans several regions across Africa and Europe, covers the distribution of HBO Max as well as the renewal of selected Warner Bros. Discovery thematic channels. It represents a major milestone in the companies’ international collaboration and strengthens content offerings across MultiChoice Group territories.
MultiChoice disclosed that this agreement builds on earlier partnerships concluded in Europe. “It builds on the landmark agreements concluded in France in 2024,including the renewal of the exclusive pay-TV window for Warner Bros. Pictures films just six months after their theatrical release in France and the integration of HBO Max within select CANAL+ group offers – as well as in Poland in 2025, with the renewal of the distribution agreement for 22 thematic channels (including TVN 24 and Eurosport) and 4 free-to-air channels (including TVN).”
Under the renewed arrangement, MultiChoice Group will continue to distribute 12 Warner Bros. Discovery thematic channels across its territories, with some channels offered on an exclusive basis. CNN International and Cartoon Network will remain exclusive to South Africa while being distributed non-exclusively in other markets. Cartoon Network Porto will be exclusive in Angola and Mozambique and non-exclusive elsewhere. Other channels such as Discovery Channel, TLC, HGTV, Food Network, TNT Africa, Travel, ID and Cartoonito will be offered on a non-exclusive basis.
According to the partners, the deal reinforces CANAL+ Group’s channel portfolio on the continent. “This agreement enables CANAL+ Group to strengthen its entertainment, kids, news, and documentary channel offerings in African markets.”
The agreement is also expected to improve access for CANAL+ Group subscribers to Warner Bros. Discovery’s premium content through HBO Max and selected channels, including globally recognised series and films, further extending the studio’s international reach while consolidating MultiChoice’s content offering in key markets.
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