General News
Banks’ Divestment from Insurance Firms: Analyst Wants Shareholders to be Given Preference
Foremost stock analyst and shareholder in many insurance companies, Mr. Nonah Awoh has called on banks and insurance companies to carry shareholders along and allow them to take the driver seat in the determination of who buy the stocks that arises out of banks divesting from insurance companies. He stated that having laboured hard to acquire these shares; they would not fold their hands and watch people whose character and interest may be at variance with the original shareholders. According to Awoh, their fears are hinged on the fact that if the divestment process was not well handled; it may snowball into an unhealthy situation where the board and management of these insurance companies would be negatively influenced by the personal ambitions of the outsiders who may cash in on the opportunity. The share activist wants the divesting banks and insurance companies to allow the existing shareholders to take over the shares or throw the shares into the general public for acquisition. He stated that their fears is further heightened considering that similar situations had happened in the banks in the past where investors money got trapped in the banks liquidation. Another insurance shareholder, Adebisi Olawale, however feel otherwise. To him, throwing the shares into the open market was as good as allowing strategic investors to buy up the divested shares, stressing that what was important was the repositioning of these insurance companies. He added that there have been instances in the past stated where shares were acquired by cronies without the awareness of the existing shareholders that they were the true owners of the stated shares. However, he called on the insurance companies to give top priority to the shareholders in order to avoid friction which at the end will pitch the insurers in a battle of wits against the shareholders. He added that the insurance industry should not be allowed to drift from its present achievements, occasioned by the recapitalization and industry reform which has taken the industry to the next level. It will be recalled that the Central Bank of Nigeria (CBN) in continuation of its banking reforms, rolled out an order directing banks to divest from non-banking investments in order to have time to concentrate in core banking services. According to CBN, the former universal banking model created an unhealthy situation where banks were distracted from primary banking operations. The situation has already sent panicky waves beyond the shareholders as industry watchers fear that the divestment process may weaken the strength of some of these companies, considering the enormous premium that the divesting banks attracted due to their spread and clientele base. Sequel to this directive, some insurance companies have already started the divestment process. The recent case in point was the GTBank which announced a divestment of 68 percent equity in its insurance subsidiary, Guarantee Trust Assurance (GTA) plc. The notice stated that "the proposed divestment should also entail the sale of the bank’s equity stake in its insurance subsidiary – Guaranty Trust Assurance plc, which is also quoted on the trading floor."
The Nigerian Aviation Handling Company Plc has announced the signing of a chain of contracts with major airlines for the provision of total handling solutions.
In a statement on Tuesday, the company announced the signing of contract renewals with Air France, KLM and Virgin Atlantic, as well as the African operator, RwandAir.
NAHCO also signed fresh contracts with United Nigeria – Regional, Bellagio and Malaikair.
According to the statement, the contracts with Air France and KLM are for three years and will run till 2028, respectively. The duration of the contract with Virgin Atlantic was also put at three years.
The duration for the RwandAir contract is for three years, effective 1 October 2025.
The statement read, “The new contract with United – Regional would be for a period of five years, effective from 1 August 2025. For Bellagio and Malaikair, the contracts are for three and five years, respectively.
“Bellagio Air, Nigeria’s rising star in aviation, is redefining air travel with a blend of luxury, efficiency, and reliability. Headquartered in the vibrant city of Ikeja, Lagos, Bellagio Air is committed to providing world-class service across key domestic and regional routes.”
The Group Executive Director, Commercial and Business Development, NAHCO Plc, Saheed Lasisi, who expressed his delight with the new contracts, said NAHCO is already ready to exceed customers’ expectations.
According to Lasisi, NAHCO’s more than 46 years of unblemished excellent service delivery puts it heads and shoulders above any other service provider in the industry.
“This is what we have been doing for almost half of a century. We will continue to delight our customers and make our stakeholders happy by exceeding expectations in all aspects of our service offerings. We are always willing and ready to do more,” Lasisi added.
The Group Managing Director/Chief Executive Officer, NAHCO Plc, Olumuyiwa Olumekun, added that with the new fleet of equipment the company is deploying, service delivery will only be better.
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.
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