General News
Analyst Decries Nigerians low Appreciation of Life Insurance
Spending in the Life insurance sector has dropped significantly in the last two year. This according to experts is not unconnected with the general decline in the economy which cannot be detached from the insurance industry. According to an analyst and consultant on insurance and pension, Barrister Sylvester Oyatun, Nigerians hre yet to embrace life insurance and the obvious gains from it as it is done in the developed economies. He stated that the drop in life insurance premium base, though low but warned that it could have had a greater toll on the industry but for the group life insurance under the reformed pension Act which has reduced the anticipated impact. Corroborating the drop along the line of general economic downturn, Business Monitor International (BMI), an international research agency, Nigerians unlike the developed nations ,do not use insurance to provide for their long term income needs, a situation that makes insurance unable to meet the needs of the people over the years. "Most products do not provide protection against inflation, which has traditionally been a problem in Nigeria with the result that lapse rates are extremely high," the report added. Oyatun had noted that the bane of life insurance premium growth, had been partly due to the fact that some life insurance policy holders had to cancel their policy due to their inability to meet premium payment demand. It would be recalled that out of the total insurance industry premium of N200.6 billion generated by member companies of the Nigerian Insurers Association in 2009, life business contributed only N39.2 billion with the chunk of the remaining N161.4 billion coming from non-life business. This, he noted is contrary to the dictates in the developed economies where life insurance contributes a higher premium than the general insurance category. He stated that spending on insurance is on the least of priority list for most Nigerians, especially as its benefits are largely not immediate. With this finding, it is obvious that some life insurance policyholders who could not meet their premium payments decided to withdraw or cancel some of their policies, while others who sought loans but were unable to access same opted to sell off their life policies for cash. The result is a significant drop in many insurers’ premium income. It will also be recalled that, Mr.Akin Laguda, chairman, Continental Reinsurance plc, while recently explained that there was a drop in the company’s life insurance premium. The premium, he noted dropped by 27 percent from N1.2 billion in 2008 to N901 million in 2009, stating that the company was notified of “a substantial policy cancellations relating to previous years on individual and group life assurances." While calling for caution in the area of large volume transaction due to this ugly situation, the analyst said "most products do not provide protection against inflation, which has traditionally been a problem in Nigeria with the result that lapse rates are extremely high," they add. Oyatun therefore call on insurance companies to brace the storm by adopting innovative new products formulation that are people friendly and could stand the test of time. Industry analysts therefore suggest that insurers must not underestimate the importance of product feature and strategy, even as they pursue their distribution network. But especially significant, they add, is the need to innovate as conditions change and service goes unmet.
General News
Police Uncover Fake Diplomatic Number Plate Syndicate in Abuja

Police in Abuja have uncovered a criminal group making fake diplomatic and government number plates.

Ahmed Sanusi, commissioner of Police FCT, stated this during a press briefing on Friday.
He explained that criminals use these fake plates to dodge security checks and enter restricted areas.
The investigation started soon after Sanusi took office.
He noticed too many unauthorized cars driving around with official government and diplomatic tags.
“I immediately ordered a comprehensive investigation into this disturbing trend,” Sanusi said. He noted that these individuals use the plates as a cover to commit crimes and avoid arrest.
The police have already arrested several people caught using the fake plates.
They have also figured out who is making them.
The manufacturers operate outside Abuja, and police are actively hunting them down.
Sanusi kept their names secret so they would not flee.
He stressed that this is a highly profitable illegal business.
Buyers pay between N500,000 and N1.7 million for a single fake plate.
“This will tell you that they are making such huge expenditure because they have an agenda,” Sanusi explained.
“Now they will face punishment that is bigger than both the cost they incur and the agenda they are planning.”
The commissioner urged residents to report any cars with suspicious diplomatic plates.
He reminded the public that real diplomatic tags follow a very specific format.
A diplomatic number plate in Nigeria is a special vehicle identification tag issued to foreign embassies, high commissions, and accredited international diplomats.
General News
Gavi Okays $500m for Vaccines, PHCs in Nigeria

Gavi has approved $500 million to strengthen Nigeria’s immunisation programme, primary healthcare services and long-term vaccine financing.

The move followed high-level discussions between Professor Muhammad Ali Pate, coordinating minister of Health and Social Welfare, ]and Dr. Sania Nishtar, chief executive officer, Gavi in Abuja.
The funding, approved under the Gavi 6.0 programme, will support Nigeria’s efforts to accelerate routine immunisation, sustain polio eradication, expand HPV vaccination, strengthen primary healthcare services, and improve long-term vaccine financing.
Speaking during the meeting, Pate said Nigeria was strengthening its partnership with Gavi to accelerate immunisation, expand primary healthcare services, and ensure sustainable financing for vaccines.
He welcomed Gavi’s country-focused reforms, including the introduction of a predictable five-year funding envelope.
Pate said the US$500 million allocation will enable Nigeria to plan more effectively and deliver life-saving vaccines to more children and vulnerable populations.
The minister also revealed that quarterly visits to primary healthcare centreshad increased from about 10 million in 2023 to more than 45 million, reflecting significant progress in revitalising the country’s primary healthcare system.
Pate welcomed the announcement of a US$600 million pledge by the United States government to Gavi, describing it as a strong endorsement of the alliance’s leadership and the global value of vaccines.
He also commended Nishtar for prioritising Nigeria and praised the closer coordination among Gavi, World Health Organisation (WHO), UNICEF, World Bank, Gates Foundation, and other development partners, describing it as a model that has improved efficiency and aligned support with Nigeria’s health sector reforms.
The minister expressed appreciation to Gavi and its partners for their continued technical and financial support, while calling on state governments to invest more in healthcare and immunisation to complement federal efforts.
General News
The Journey to Financial Freedom: Priscilla, a PalmPay Agent Now Owns a Store

For many women, financial independence means the freedom to provide for their families and build a better future. Yet, this remains out of reach due to limited access to opportunities, business support, and secure payment solutions.

Like millions of women in Nigeria determined to be financially independent, Pricillia started with a single PalmPay POS terminal, and as an agent, every successful transaction provided a commission which brought her one step closer to achieving her dream.
Through consistency, discipline, and support from the payment platform, she reinvested her earnings and eventually opened her own provision store.
“I started as just a PalmPay agent with one POS. The consistency of the platform gave me the confidence to expand. With the income I earned, I was able to open my own provision shop.” Priscilla said.
For Priscilla, PalmPay was more than a payment platform. Its secure payment infrastructure gave her the confidence to serve her customers, build trust, and grow her income.
Today, Pricillia has joined the statistics of SMEs powering Nigeria’s economy and PalmPay continues to support her daily operations, helping her receive payments, as she works towards her next business milestone. Her journey is a reminder that when women have access to secure financial tools and opportunities, they can build lasting economic independence.
Speaking on Pricillia’s journey, Femi Hanson, Head of Marketing, PalmPay said: “Providing a secure platform that users can trust, whether for everyday payments or high-value transactions, is central to our vision of advancing financial inclusion. Priscilla’s story reflects our commitment to supporting the ambitions of Nigerians by providing a platform they can rely on to grow their finances. After all, seamless banking begins with security, and every successful transaction reinforces the trust our users place in us.”
Priscilla stands among thousands of PalmPay agents nationwide who are helping to expand financial access across Nigeria while earning commissions to create sustainable sources of income for themselves.
Every payment tells a story. It begins with trust, the confidence that your money is secure and that financial services are accessible. And when that opportunity reaches women, it creates ripple effects that transform families, strengthen communities, and drive economic growth.
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