General News
NIA Reiterates Opposition to Workmen’s Compensation Bill
The proposed bill on employee compensation presently pending in the National Assembly has continued to generate intense oppositions from professionals, especially the Nigerian Insurers Association (NIA). According to the pulse of the insurance professionals, allowing the bill to succeed would amount to compounding the problems of employees in the area of taxation. Defending its opposition to the Bill proposed by the Nigerian Social Insurance Trust Fund (NSITF), the NIA stated that under section 34, sub-section 1 of the proposed bill, “every employer shall make a minimum monthly contribution of 1.0 percent of the total monthly payroll into the Fund.” The argument of the insurers’organ is that workers would be subjected to multiple taxation which is already a big burden on the workers. It stated that employees are already chocked with the lack of infrastructural amenities such as electricity and water even as they are paying other forms of taxes under different names. The Nigerian Insurers Association (NIA) in a presentation to the two relevant committees of the National Assembly said the proposed bill, if passed in its present form, would create a huge tax burden on employees. According to the NIA, the biting taxation under which employees were currently engrossed include the National Health Insurance Scheme, the National Housing Fund, Retirement Savings Account deductions in Pension Reform Act 2004, Company tax, Education tax as well as other multiple taxes by states and local governments.
The insurer’s umbrella body which vowed to resist every attempt to further impoverish the employees stated that if the NSITF was allowed to run away with the benefit of the workmen’s compensation, amounted to creating a body which would become untamable in future, particularly in arbitrary fixing of rates against the wishes of the workers. In the words of David Iyasere, Corporate Affairs manager, the NIA is equally vexed by the fact that the proposed Bill gives NSITF the power to invade companies’ premises at will to cart away vital documents in its bid to enforce the law, especially if the NSITF acts in line with Section 42 of the proposed bill. Under the enforcement powers of the bill, a "public officer may, for the purpose of carrying out his or her duties under this Act and any regulations made there under or pursuant to any enactment or law shall – enter in any workplace at any time with or without warrant or notice."
NIA reiterated that under the proposed bill, it could require the production of any licence, document, record or report, inspect, and examine a copy of same, remove any licence, document, record or report inspected or examined for the purpose of making copies or extracts and that any inspection, examination or inquiry, shall be accompanied and assisted by a police officer or other person or persons having special, expert or professional knowledge of any matter in respect of which inspection is being carried out. The insurance professionals organ opined that it the provisions of the proposed bill was in its entirety, inimical to the well-being of the people, in a country where the deeply committed to encouraging investments, both locally and internationally.
Economic and Financial Crimes Commission (EFCC), has detained Tunde Ayeni, former chairman of defunct Skye Bank Plc, for alleged fraud involving N36.5 billion and $30 million.
Tunde Ayeni, former chairman of defunct Skye Bank Plc,
This follows the probe of alleged diversion of N36.5 billion and $30 million secured as loans from Polaris Bank Plc through companies linked to Ayeni.
He was arrested by EFCC operatives in Abuja on April 23, 2026, and is still been held in custody as at the time of filling the report.
Dele Oyewale, spokesperson, EFCC, confirmed the arrest on Friday but declined to provide further details.
Ayeni is under investigation for diverting funds obtained for marine security, electricity distribution, and real estate projects into other unknown projects.
Investigators allege the loans were instead channelled into telecom investments tied to NITEL/MTEL assets via a NATCOM account.
About 12 firms believed to be connected to Ayeni are also under investigation for their role in securing the loans.
The EFCC is expected to file charges once the investigation is concluded.
Summit Household Solutions Limited has opened its ultra-modern manufacturing facility in Ota, Ogun State, as part of its efforts to scale production of home and personal care products in Nigeria.
The plant, which started operations in April 2025, produces items such as dishwashing liquids, handwash, sanitisers and multipurpose liquid soaps, with an annual capacity estimated at 7,000 tonnes.
Commissioning the facility on behalf of Governor Dapo Abiodun, the Permanent Secretary, Ministry of Commerce, Trade and Investment, Mr Kehinde Akintomide, said the investment reflects growing confidence in Ogun State’s business environment.
He noted that the state hosts over 6,000 manufacturing firms and described the development as consistent with ongoing efforts to promote industrialisation, attract investment and reduce reliance on imports under the Federal Government’s Renewed Hope initiative.
Akintomide disclosed that the factory has already employed more than 50 Nigerians, with projections to exceed 250 jobs as operations expand.
In his remarks, the General Manager of the company, Mr Sadiq Ali, said the facility represents a major step in Summit’s growth plans, adding that its flagship brand, 2Sure, currently leads production at the plant.
He also revealed that the company is preparing to introduce new home and personal care products later this year.
Summit Household Solutions manufactures the 2Sure brand and has expanded into the personal care segment with Lewar, a premium beauty soap line positioned for quality and affordability.
Among dignitaries present were the Onikotun of Otun, Ota, Oba Abdulakeem Odunaro, representing the Olota of Ota, Prof. Adeyemi Abdulkabir Obalanlege; the Agba Akin of Ota, Chief Dada Olusola; Director of Investment, Ms Yemisi Folarin; Director of Industrial Promotion, Mr Femi Adeboye; former Managing Director of 7Up Bottling Company, Mr Ziad Maalouf; and the Chief Executive Officer of OmniRetail, Mr Deepanker Rustagi.
Speaking at the event, Maalouf, who conceived the 2Sure brand during his time at 7Up Bottling Company, expressed satisfaction with its growth and commended Summit Solutions Limited for advancing the brand.
The special guests were conducted around the facility, and the programme was concluded with a luncheon.
The administration of Donald Trump has frozen $344 million in cryptocurrency allegedly linked to Iran, marking a sharp escalation in financial pressure on Tehran.
The move comes amid stalled diplomatic efforts and a fragile ceasefire in the region.
U.S. Treasury Secretary Scott Bessent confirmed that authorities are sanctioning multiple crypto wallets tied to Iran. “We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime,” he said.
Tether, which facilitated the transactions, said it worked with U.S. authorities to freeze the funds across two wallet addresses after receiving intelligence linked to unlawful activity.
A U.S. official said blockchain analysis revealed “material links” to the Iranian regime, including transactions routed through intermediary addresses connected to wallets associated with the Central Bank of Iran.
Responding to the development, Tether CEO Paolo Ardoino said the company does not tolerate illicit use of its stablecoin. “USD₮ is not a safe haven for illegal activity. When there is credible linkage to sanctioned entities or criminal networks, we act immediately,” he stated.
The crackdown underscores the growing reliance of sanctioned states on digital assets to bypass traditional banking restrictions. Data from Chainalysis shows Iran’s cryptocurrency holdings reached $7.8 billion in 2025, with the Islamic Revolutionary Guard Corps reportedly controlling about half.
Analysts say while the freeze is significant, Iran has historically adapted to sanctions. Daniel Tannebaum of the Atlantic Council noted that targeting third-party actors enabling such transactions may be key to increasing pressure.
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