News
National Theatre: Calzada Petitions CBN, Makes Demands

Calzada Limited, an investor, has petitioned the Central Bank of Nigeria (CBN), demanding full compliance with concession bid for the National Theatre earlier conducted in 2015.
This is part of crisis arising from the Federal Government’s decision to hand over the facility to CBN, and the Bankers Committee.
Two other companies, Topwide Apeas and Jadeas Trust had gone to court over the facility with the case being slated for hearing on October 29, 2020.
The management of Calzada Limited, in its petition to the apex bank said it participated in a very competitive concession bid conducted by the Federal Government on ‘The Fallow Land around the National Theatre’ and emerged as the ‘Preferred Bidder.’
The Calzada said it had gone ahead after winning the bid, and began setting up structures and facilities for the project before the current government came into office and unilaterally put a wedge on its progress.
The letter dated July 17, 2020, entitled, ‘Re-Concession of the fallow land around the National Theatre in line with master plan (Nigeria Entertainment City)’ and was written by its legal representatives, Elias Mordi and Co.
The letter with subtitle, “Demand for Justice and Compliance with the bid awarded to Caldaza Limited,” reminded the CBN Governor, Godwin Emefiele that after the bidding, contested by seven other companies, the then Minister for Tourism, Culture and National Orientation, Chief Edem Duke, wrote and notified it (Caldaza) of haven emerged as the ‘Preferred Bidder’ for the project.
“Our client was shocked to learn, upon coming into force of the present government that the project has been taken off her shoulders and given to a third party company which never participated in the bidding exercise,” the petition added.
“More worrisome is the wave of news and information through print and electronic media that the federal government of Nigeria through the Central Bank of Nigeria and the Bankers’ Committee have concluded plans to take over and indeed taken over, the same project which was duly awarded to our client which was driven out thereof in a Gestapo matter.
“We can confirm the assertion under this head as have learnt of suit No. FHC/L/CS/2932/2019 Topwides Apeas Ltd Vs National Theatre and National Troupe of Nigeria Board & 6 Ors pending before the Honourable Justice Ayokunle Faji of the Federal High Court, Ikoyi Lagos.
“Government is a continuum. And we, by this letter, and on behalf of our client (Calzada Ltd), call on your office and that of the Hon.
“Attorney General of the Federation which is the Chief Law Office of Nigeria to review the steps taken by the Federal Government of Nigeria and its agencies in this complaint and return the issues, subject matter and premises in question to status quo when our client was awarded the concession of the fallow lands of the National Theatre, Iganmu, Lagos.
“We have overtime, searched every available records and cannot find where the selection of our client was faulted by any rightful authority and more worrisome is the way and manner the whole activities are being handled by persons our client cannot identify in the project.”
It warned that it would not hesitate to activate legal proceedings against all concerned if the grievances were not resolved and on time.
News
Ogbaga, Abuja Lawyer to Sue Telcos, DStv over Alleged Unfair Practices

Ogba Ogbaga, an Abuja-based lawyer, has said that he has been instructed to institute legal proceedings against MTN Nigeria, Airtel Nigeria, Globacom, 9mobile and MultiChoice Nigeria, operators of DStv, over what he described as unfair consumer practices relating to expiring data bundles and television subscriptions.

In a statement posted on Facebook, Ogbaga said his law firm, GIMBG Legals, received instructions from its client, KAA, also known as KaaTruths, to challenge the companies’ subscription policies in court.
According to him, the proposed suit will question whether telecom operators and DStv’s subscription models comply with provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018 and other applicable laws.
Ogbaga alleged that telecom providers operate internet data services that are unfair to consumers, claiming subscribers sometimes do not receive the services they paid for but still lose their subscriptions once the validity period expires.
He also criticised DStv’s subscription model, arguing that consumers lose paid viewing time due to factors such as power outages, adverse weather conditions and service interruptions, while subscriptions continue to count down regardless.
“Our clients have complained that MTN data services are unduly one-sided,” Ogbaga said, adding that the legal action would also extend to other telecommunications providers and DStv.
He said the court action would seek judicial determination on whether the companies’ subscription practices comply with consumer protection laws.
The lawyer also invited interested legal practitioners to collaborate on the case, saying his firm would provide updates as the matter progresses.
In a separate Facebook post on Wednesday, Ogbaga said previous policy discussions, town hall meetings and debates at the National Assembly had failed to address the concerns raised by consumers.
He argued that telecom operators regularly carry out maintenance and network upgrades that temporarily disrupt services without extending customers’ subscription periods, while DStv subscribers also lose viewing time because of electricity outages and weather-related disruptions.
News
NAICOM Issues New Licences to 43 Recapitalized Insurers

The National Insurance Commission (NAICOM) has commenced the issuance of new licence certificates to insurance companies that successfully met the industry’s new minimum capital requirements, marking the formal beginning of a new regulatory era aimed at strengthening the financial capacity, governance and global competitiveness of Nigeria’s insurance sector.

At a ceremony held at the Commission’s headquarters in Abuja, the Commissioner for Insurance, Olusegun Ayo Omosehin, presented the new licence certificates to compliant operators, describing the exercise as a major milestone in the industry’s recapitalisation programme.
According to the Commission, a total of 43 insurance companies declared compliant with the new capital requirements are expected to receive the new licence certificates in phases.
Omosehin congratulated the successful companies, saying the issuance of the new licences signals the beginning of a stronger regulatory framework anchored on improved capitalisation, sound corporate governance, innovation and sustainable growth.
He urged operators to leverage their enhanced capital base to develop innovative insurance products, improve operational efficiency and deepen insurance penetration across the country.
The Commissioner said the Commission expects the recapitalised companies to deliver stronger financial performance while maintaining high standards of professionalism and customer service.
He also announced that NAICOM’s next major regulatory initiative would be the implementation of the Risk-Based Capital (RBC) framework, under which insurers’ capital levels would be aligned with the risks inherent in their respective business portfolios.
According to him, the new framework will further strengthen the industry’s resilience by ensuring that insurers maintain capital commensurate with the risks they underwrite, thereby enhancing policyholder protection and boosting market confidence.
Omosehin reaffirmed the Commission’s commitment to removing regulatory impediments where necessary while maintaining effective oversight to safeguard policyholders and strengthen confidence in the insurance market.
The issuance of the new licence certificates marks the commencement of a phased transition to higher capital standards aimed at improving the financial capacity, solvency and claims-paying ability of insurance companies operating in Nigeria.
News
Nigeria CommunicationsWeek Retracts Story on Pan African Towers Litigation

Management of Nigeria CommunicationsWeek Media has withdrawn its publication titled “Adefolarin Ogunsanya and the Allegations of Shareholder Interference and Self-Dealing at Pan African Towers,” which was published on its platform.

The decision to retract the story follows an editorial review to ensure that the platform maintains the highest standards of accuracy, fairness and responsible journalism in reporting matters that are the subject of ongoing judicial proceedings.
Nigeria CommunicationsWeek acknowledges that the issues raised in the publication remain before the courts and have not been finally determined.
Accordingly, the organisation has decided to remove the article from its platforms pending the conclusion of the legal processes or the availability of additional verified information.
The publication regrets any inconvenience or misunderstanding the report may have caused to readers or any individuals or organisations mentioned in the story.
Nigeria CommunicationsWeek remains committed to the principles of balanced, factual and ethical journalism and will continue to uphold professional standards in its coverage of judicial and corporate governance matters.
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