E-Financial
NAICOM, NSC Partner On Insurance Cover
The Nigeria Shippers Council, NSC, said it is in collaboration with the National Insurance Commission (NAICOM), to reduce the cost of doing business through the introduction of insurance cover on Containers regime and risk management at the various Ports.
Hassan Bello, NSC Executive Secretary, made the disclosure when the Council’s delegation paid a courtesy visit on the Management of NAICOM in Abuja.
He emphasised that insurance should be looked at in the area of policies involving goods on transit, accidents, loss, damages away from religious sentiments that everything happened for a reason which could be prevented.
He said that the Containers Deposit at the Ports is about N150,000 to N200,000 on each containers which runs into billions making supply costly, as most of the containers could not be returned within the expected date due to the nature of the roads.
“As our functions as Ports regulator, we have our eyes on the cost of doing business in Nigeria. So, in the ease of doing business and the cost of doing business, we want to make our Ports competitive, so we have to moderate the cost. One of the cost is Insurance deposits that Shippers pay for taking the containers out of the Port.
“The containers are the assets of the shipping companies, they must be returned in perfect condition and so they don’t get that because as at the time the containers are not returned, the deposit is not refunded, when you returned the containers in good time , you collect your deposit back.
“However, that is not as simple as that, access to the port maybe difficult and if a container is not returned within a certain time limit, they could be a problem, one loses his deposit or part of the deposit and so the shippers have to forgo the deposit.
“Sometimes the shipping company even when the containers are returned they don’t pay the deposit in good time and that is money lost, so what we are saying is there are a lot of issues like that, that we could have the insurance company come to take care of,” he noted.
He further said that the insurance company could come in, to make sure the containers are covered at a lesser cost, to reduce some of the challenges faced by the Shippers.
“We want policy on the participation of insurance in container regime, there is policy on goods in transit of course, we want the policies to cover most of the risk that Shippers, freight forwarders incur including demurrage, rent.
“If this could be covered that will make shipping extremely cheaper and also Door-to-Door delivery of cargoes, which will be covered by insurance,” he said.
Bello, however, said that inspite of the pandemic the Council was working with all other maritime agencies to look into digitalisation of Ports to limit the access of physical contact.
He also said that the Kano State government had voted about N2 billion for the structures around Zawachiki Inland Dry Port which has been concession to Dala Dry Port Nigeria limited.
Responding, Commissioner for Insurance and Chief Executive Officer of NAICOM, Olorundare Thomas, said he has being looking forward to the collaboration between the two organisations on how to make insurance significant in the marine sector.
He commended the NSC for bringing up creative and developmental ideas that would deepen the market of the commission in the maritime industry.
“As far as I can remember this will mark one of the few times that any of our stakeholders will come with developmental ideas that will enhance the thought of the commission on how to deepen the market and how to make insurance relevant to our daily living.
“When it comes to trading marine on its own is in the frontline and insurance itself move with trading, insurance started with marine insurance largely before fire, but marine is quite critical in the history of insurance development.
“With what we have gone through in the country and globally, we need to take insurance more seriously than ever, than what we have done in the past, I have listened to you and I have taken note, this are things we must collaborate and work together as agencies of government.
“It is important for us that marine insurance today, what we are getting from marine business is not consistent with transaction in the marine sector, in terms of contribution to insurance penetration is almost insignificant but as an economy, we know that is not the true reflection of what is happening in the Marine Sector and I am happy for your creative ideas,” he said.
Ecobank Nigeria has announced the successful repayment of the outstanding principal and accrued interest on its original $300 million Eurobond due February 16, 2026, marking a significant milestone in its liability management strategy and overall balance sheet strengthening efforts.
Following the full repayment of the Eurobond obligations, the Bank stated that it will now focus its funding initiatives primarily on the domestic capital markets. T
his strategic shift reflects growing confidence in Nigeria’s local debt market and aligns with Ecobank Nigeria’s long-term objective of optimising funding costs while deepening its participation in the domestic financial ecosystem.
“Going forward, Ecobank Nigeria will prioritise domestic credit ratings and local debt issuance to achieve its funding objectives,” stated Ogorchukwu Okwechime, Financial Controller, Ecobank Nigeria, in Lagos.
He added that the successful repayment reinforces the Bank’s commitment to maintaining a resilient balance sheet and sustaining investor confidence.
The tender offer was conducted with Renaissance Capital Africa (Renaissance Securities Nigeria Limited) acting as financial adviser and dealer manager, while Sodali & Co Limited served as tender agent.
The notes were originally issued by EBN Finance Company B.V., with limited recourse to the issuer, for the sole purpose of financing the purchase of the US$300 million 7.125 per cent Senior Note due 2026 issued by Ecobank Nigeria.
The transaction underscores Ecobank Nigeria’s proactive approach to liability management, prudent capital planning, and strategic alignment with evolving market conditions.
It further positions the Bank to leverage domestic funding opportunities while maintaining financial flexibility and operational stability.
Bank of Industry (BOI) has received approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking (NIB) Window.
Theodora Amechi, bank’s divisional head, Public Relations, said the regulatory nod allows BOI to launch non-interest banking operations, targeting underserved business segments with tailored financial solutions to support Nigeria’s industrial development.
BOI stated that NIB operations will promote inclusive growth, attract ethical funding, bolster the real economy, and finance customer assets and raw materials using approved non-interest products.
“This approval authorises BOI to commence Non-Interest Banking operations, positioning the bank to further advance Nigeria’s sustainable and inclusive industrial development through tailored financial solutions for underserved and high-impact business segments.
“The Non-interest Banking operations will enable BOI to drive inclusive growth, mobilise new ethical funding, expand support for the real economy, and align its financing activities with social and developmental objectives.
According to the bank, under this framework, BOI will be able to finance customers’ assets and raw materials using approved Non-Interest Banking products.
Announcing this milestone, Dr Olasupo Olusi, MD/CEO, Bank of Industry, said, “This licence marks a pivotal moment in the Bank’s journey of transforming Nigeria’s industrial sector. With this licence, we can reach a new category of borrowers who, before now, could not be served.”
He said the approval underscores the CBN’s confidence in the Bank’s commitment to responsible financing, adding that it will allow the bank to scale its operations, introduce innovative financing solutions, and deepen support for Micro, Small and Medium Enterprises (MSMEs), as well as other underserved segments critical to Nigeria’s sustainable economic growth.
“BOI’s decision to commence Non-Interest Banking operations is aimed at expanding access to ethical funding for businesses—particularly those that have traditionally avoided conventional interest-based financing.
This initiative opens new opportunities for ethically motivated and faith-sensitive enterprises, as well as segments of the economy that face challenges accessing traditional credit.
It enables such businesses to access much-needed financing and participate confidently in the formal financial system in a manner consistent with their values and business realities.
Bank of Industry (BOI) is Nigeria’s foremost Development Finance Institution, committed to driving industrial growth and inclusive economic development,” Olusi said.
Established in 1959 as the Investment Company of Nigeria (ICON) and reconstituted as Nigerian Industrial Development Bank (NIDB) under World Bank guidance in 1964.
The Bank assumed its current form in 2001 following the merger of the Nigerian Bank for Commerce and Industry (NBCI) and the National Economic Reconstruction Fund (NERFUND).
The Bank’s primary mandate is to provide financial assistance for the establishment and expansion of large, medium, small-scale, and micro projects.
Zenith Bank Plc has cautioned the public against fraudulent videos circulating online falsely claiming that Group Chairman Dr. Jim Ovia endorses an investment scheme called “Wealth Bridge.”
Jim Ovia
In a disclaimer issued Tuesday by its management, the bank described the videos—circulated via the “Greece Island” Facebook handle—as entirely fake, doctored content bearing no connection to Dr. Ovia, the bank, or its affiliates.
The materials falsely promise up to N2 million in weekly returns for a N380,000 investment, while baselessly alleging Central Bank of Nigeria (CBN) endorsement and redirecting viewers to a sham “Arise News” webpage with a signup portal.
“Our attention has been drawn to a doctored video and still pictures currently circulating on social media, purporting to depict the Group Chairman of Zenith Bank Plc (‘the Bank’) as endorsing an investment scheme called ‘Wealth Bridge’ on the ‘Greece Island’ Facebook handle and soliciting members of the public to engage in a business relationship with the so-called entity,” the statement read.
“This claim is entirely false and has no connection whatsoever to the Group Chairman, the Bank or any of its affiliate companies.”
Zenith Bank stressed that Dr. Ovia and the institution have no knowledge of or partnership with “Wealth Bridge,” “delicious sitee,” “AfriQuantumX,” “Stock market analyst 1,” or related entities. The public was warned that dealing with these schemes carries full personal risk.
Ravenewsonline urges vigilance against rising impersonation scams targeting financial institutions.
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