General News
Imokhai Applauds Fashola over Law on Insurance for Storey Buildings
After years of expectation and lack of commitment on the part of government to support the compulsory insurance of storied buildings under construction, the Lagos state governor, Babatunde Raji Fashola has broken the culture of silence. Over time, the Nigerian insurance companies have tolled hard to see to the enforcement of the compulsory builders’ liability, a product that promises billions of premiums to insurers. It was in the light of the above that Mr. Tom Imokhai, managing director, Standard Alliance Insurance Plc, recently applauded the giant strides of the governor whose law now makes it mandatory for developers to provide insurance c certificates as a prerequisite for government approval. The SA boss described the governor’s action as “a bold step to enforce the compulsory builders’ liability insurance policy through the Building Control Bill it signed into law.”
The law would make it mandatory for developers of houses in the state, especially storey buildings, to obtain insurance certificate as a condition for getting government approval. While hailing the bold move by the governor, he stated that the action “would mean good business for the general underwriting companies in the state if compliance was fully pursued.”
According to him,” we, in the sector, have been expecting this supportive move by all state governors and the Minister of the Federal Capital Territory to give bite to the efforts of the Commissioner for Insurance. With this bold move by the Lagos Government, we hope that other states and FCT would follow.” He added that there are a lot of such building projects presently under construction in the various states of the federation including the Federal Capital Territory, Abuja. “We need this sort of backing to force builders to comply with securing such appropriate building insurance covers,” he said.
The insurance policy covers the liability to third parties arising from collapse of buildings under construction. Fashola tasked the insurance companies to live up to their billings stressing that the state government has opened a smooth way to ensure that the insurers no longer foot- drag in paying compensation to victims of collapsed buildings It would be recalled that Governor Babatunde Fashola, had stressed at the signing ceremony that the law was an “attempt to curb the menace of building collapse.” The issue of building collapse has been a recurring problem in the state from which lives and property worth billions of naira were lost. Going by the provisions of the new law, it was now “compulsory for builders and developers of buildings that are beyond two floors in Lagos to obtain insurance certificate that will cover general risk as a condition for granting building permit.”
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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