General News
Aviation Insurance: Need for a Consortium
Aviation insurance is one of the products of insurance which though lucrative, is yet to attract the expected volume of business in Nigeria. Unlike other areas which have continued to receive tremendous embrace, only a few insurance companies have dared to show very active involvement. One of the reasons often advanced for this is that it is a highly specialized and costly venture.
A comprehensive aircraft policy involves insurance cover of the aircraft itself, the cargo they carry and of particular interest; the operators’ liability for any damage done to the third party property as well as injury or death to passengers.
However, while motor vehicle insurance continues to generate the greatest volume of premium to most insurance companies, aviation insurance is still treated as a sacred area where only the lion- hearted dare to tread.
Airline business has grown in Nigeria to an enviable height. Gone are the days when only the national carrier and one or two others with few aircrafts dominated the scene. Today, we have so many registered airlines with so many aircraft on their fleet. Yet, the industry is not attracting the expected volume of business.
Over time, there has been scramble for business in the oil and gas sector without paying a corresponding attention to the aviation sector. What is responsible for this lack of interest, in spite of the lucrative ness of the sector?
Isaac Omoakia is an insurance consultant with interest in aviation insurance. He said the reason aviation insurance has not been generating the expected interest could be traced to the high risk involved in the business.
He explained that before taking up an aviation insurance cover, the number of aircraft in the fleet of the airline has to be considered alongside the premium that could be generated from such. He said aviation insurance is in place but not with the kind of enthusiasm with which other classes of insurance are being pursued.
One reason there may have been this slow pace, he said, is that “Nigerian airline operators usually go for old aircraft whose airworthiness cannot be guaranteed, and “how would you expect an insurance company to cover such unworthy aircraft especially in a country where until recently operators hardly take out their airplanes for the necessary checks.”
Omoakia added that the number of air crashes that the country has witnessed in the past he said is nightmarish enough to scare away potential insurers.
The result is that because of the high risk involved, any crash would attract huge claims, a situation which would wipe off whatever premiums that such policy may have attracted in the first place.
This, therefore, can be explained from the point of view of some operators who though realize the lucrative ness but are cautious in their moves to cover aviation. According to Mr. Ladipo Ajayi, managing director of Lasaco Assurance Plc, while commenting at a forum, most of the aircraft in Nigeria are old, stressing that in giving insurance cover, the nature of risk has to be considered. Aviation insurance is therefore such area where calculated risk has to be taken.
Omoakia called on insurance companies to form a consortium in the aviation insurance as they did with the oil and gas insurance. He explained that with this, operators would be better empowered to achieve higher retention capacity and bear higher risk.
He said the lack of a consortium in the areas explains why the few insurance companies with aviation cover do so only at the level of smaller aircraft which attract lower risk. These smaller aircraft like helicopters are not prone to the bigger hazards of passenger aircraft where a mishap could eat-up half of the entire capital base of an insurer and the reinsurance company put together.
While agreeing to his suggestion, Ibidapo Balogun, managing director of Equity Assurance is of the opinion that aviation insurance calls for serious attention. He said the level of aviation development today makes its necessary for operators to come together as they did in the oil and gas sector, under the local content policy of the Federal government.
Balogun said aviation insurance covers three main sections; the haul, passenger liability and the third party liability.
Further, he said under the haul cover, the plane must be insured against any damage that borders on technical areas.
Noting the bi-literal agreements in aviation, the passenger liability is bounded by international laws which may arise in the course of its flight. One peculiar area of aviation insurance is that the insured aircraft flies both locally and internationally. The situation therefore calls for minimum internationally accepted protection for passengers in case of crash resulting in injury and death of passengers.
Under the third party liability, the insurance could cover damage done to other people’s goods. An example of this could be found in the EAS passenger plane which crashed into a residential area in Kano some years ago. It goes therefore that because the aircraft over fly the areas populated by people and by extension, property, it becomes highly demanding to cover such areas.
To underscore the value of aviation insurance and why there seems to be a slow development, industry analysts say the minimum standards prescribed by international laws, make it a specialized area which calls for caution.
For instance, going by the international rule, a minimum of $100,000 is placed on the head of each passenger who dies in an air crash.
Omoakia identified this as one area why many insurers may be scared. He cited many air crashes that we have had in Nigeria and the attendant claims many of which the insurers involved are yet to completely settle. Using the minimum entitlement of $100,000 as a guide, Omoakia explained that the Nigeria insurance industry needs to do something to be able to remain competent in the sector.
Between 2002 till early part of this year, the aviation industry has been plagued by many crashes, occasioning death and wanton destruction of properties. For instance in 2002, 148 people perished in the EAS air crash. 96 lives were also wasted in the ADC crash in 2006.In 2005, 106 people died in a Sosoliso air crash while another 117 people were skilled in 2005 in the Bellview air disaster. Many lives have also been wasted in various military air mishaps such as the infamous 1992 disaster involving 158 young military officers. There was another ADC crash that consumed the lives of 142 people within same period. Stakeholders therefore are of the view that for the industry to be vibrant enough to cover higher risk in the aviation insurance, a consortium is needed as was done in the oil and gas sector, under the local content policy of the Federal Government.
General News
Security Forces Probe Use of Drones by Terrorists

The military high command at the weekend said it has commenced a full investigation into the use of drones by terrorists to carry out attacks.

This is part of ongoing efforts to end insurgency in the country.
Major-General Michael Onoja, director of Defence Media Operations (DDMO), , disclosed this in Abuja while briefing defence correspondents on the achievements of troops of the Armed Forces of Nigeria and other security agencies across various theatres of operation nationwide.
He said the investigation is being conducted in collaboration with other relevant security agencies to identify the sources of the drones and halt their deployment by non-state actors.
According to him, concrete actions are expected to emerge in the coming days or months, as agencies with the technical capacity to counter drone deployment have been fully engaged.
“We have reached an advanced stage in taking measures, in conjunction with other federal government agencies, to trace where these drones are coming from. I believe that in the next couple of days or months, concrete action will emerge on what we intend to do,” Onoja said.
In recent months, terrorists operating in the North East have increasingly deployed sophisticated drones in attacks on civilians and security personnel, raising concerns over the evolving tactics of insurgent groups.
The development has also generated questions among security experts and the public over how the drones are being sourced and the channels through which they enter the country.
Responding to allegations circulating on social media that soldiers manning checkpoints in Bauchi State were being compelled to remit weekly sums to their commanders, Onoja said the claims remained mere allegations.
He stressed that the military is a transparent institution and assured that investigations would be conducted if verifiable details were provided.
On the return of Nigerian refugees from Cameroon, Onoja said the development reflects the success of military operations in restoring security to affected communities.
“The military, in conjunction with the Federal Government, has done everything within its capacity to ensure the necessary security in those areas. The return of refugees is a clear measure of operational success,” he said.
On operational achievements, Onoja disclosed that within the month of January 2026 under review, troops across various theatres killed several terrorists, arrested 452 suspected terrorists, kidnappers and other criminal elements, rescued about 284 kidnapped victims, while 124 terrorists and their family members surrendered to troops.
He added that troops also recorded major successes against oil theft, recovering 210,300 litres of crude oil, 66,725 litres of diesel, 660 litres of kerosene and 5,000 litres of petrol.
In addition, 53 illegal refining sites were discovered and destroyed during the period under review.
Providing updates from various theatres, Onoja said that in the North East, troops under Joint Task Force Operation HADIN KAI sustained operational momentum by denying Boko Haram, Islamic State West Africa Province (ISWAP), and Jama’atu Ahlis Sunna Lidda’awati wal-Jihad terrorists freedom of action.
He said ground troops, working alongside the Air Component, hybrid forces and local security groups, conducted aggressive operations, neutralising terrorists, arresting informants and logistics suppliers, recovering weapons, and dismantling terrorist networks.
“During the month, troops conducted operations in Gwoza, Damboa, Mobbar, Askira Uba and Konduga Local Government Areas of Borno State. Similar operations were carried out in Michika and Damaturu LGAs of Adamawa and Yobe States, respectively. During these encounters, scores of terrorists were neutralised, 17 were arrested, and 12 kidnapped victims were rescued. Recovered weapons and suspects are in custody for further action,” he said.
In Plateau State, Onoja said troops of Operation ENDURING PEACE responded to distress calls on terrorist activities, conducting offensive operations across Plateau and parts of Kaduna State.
According to him, several extremists were neutralised during firefights, 86 other criminals were arrested, and 24 kidnapped victims rescued, while arms and ammunition were recovered.
In the South-South, Onoja said troops of Operation DELTA SAFE intensified operations against crude oil theft, sea piracy and militancy.
“They dismantled 53 illegal refining sites, arrested 81 oil thieves and other criminals, and recovered assorted arms and ammunition. Air reconnaissance missions also led to the interception and destruction of vessels involved in the illegal syphoning of petroleum products across the Niger Delta,” he said.
He added that troops of Operation UDO KA recorded notable gains across Abia, Anambra, Ebonyi, Enugu and Imo States, with over 80 militants surrendering, 72 arrests made, and 11 kidnapped victims rescued.
Eight Cameroonian nationals were also rescued during cross-border patrols along the Bakassi waterways, while a significant reduction in crime was recorded across the region.
Reaffirming the Armed Forces’ resolve to sustain pressure on criminal elements, Onoja said the military would continue to strengthen inter-agency collaboration and work closely with local communities to ensure lasting peace and stability.
He reiterated the Chief of Defence Staff’s mantra, “See something, say something,” urging Nigerians to provide timely and credible information to security agencies.
“With the continued support of the media and the Nigerian public, the Armed Forces of Nigeria remain confident of defeating all threats to national security,” he said.
General News
First Trustees to Host 8th Islamic Estate Planning Clinic in Abuja

First Trustees, a subsidiary of First HoldCo Plc., and a leading provider of trust solutions for individuals, corporates, and government institutions, is proud to announce its 8th Islamic Estate Planning Clinic, scheduled to take place on February 7, 2026, in Abuja, Nigeria.

This highly anticipated forum is designed to educate and empower participants on structuring Islamic wealth transfer in today’s evolving world. The Clinic will provide practical guidance on how to secure and preserve legacies in accordance with Islamic principles, ensuring that wealth is managed and passed on responsibly across generations.
The event is being hosted in partnership with The Metropolitan Law Firm and will feature an esteemed lineup of speakers, including: Professor Isah Ali Pantami, Former Minister of Communications and Digital Economy; Professor Adam Abubakar, ESQ, Professor of Islamic Banking and Finance, Yobe State University; Professor Dauda Abubakar, Founder and Director, Dawood Research Institute; HE Aisha Babangida, Chairperson, Better Life Program for the African Rural Woman; Ummahani Ahmad Amin, Managing Partner, Metropolitan Law Firm; Barrister Mohammed Yunusa, Partner at The Metropolitan Law Firm; Ismail Rufai, Managing Director/CEO, One17 Financial Services Limited; Mutiat Olatunji, Al-ameen Trustees Limited; and Rotimi Obende, Head, Private Trust, First Trustees Limited.
Together, these thought leaders will share insights on the importance of Estate Planning within Islamic law, highlighting strategies for safeguarding family wealth and ensuring continuity.
First Trustees remains committed to providing innovative trust solutions that help clients preserve their legacies while staying true to their values.
General News
Nigeria’s Data Privacy Economy Hits ₦16.2bn – NDPC Commissioner

Nigeria’s data privacy ecosystem has generated an estimated ₦16.2 billion in less than two years, according to the National Commissioner of the Nigeria Data Protection Commission (NDPC), Dr Vincent Olatunji.

NDPC
Speaking during a virtual press conference at a capacity-building engagement held at the Marriott Hotel, Ikeja, Lagos, Olatunji said the figure reflects the growing importance of data protection in Nigeria’s digital economy.
He noted that the Commission’s initiatives have created jobs, boosted compliance, and strengthened trust in digital transactions.
Olatunji explained that Nigeria’s journey in data protection began in 2019 with the establishment of the NDPR framework, which later evolved into the NDPC.
Since then, the Commission has focused on building awareness, strengthening compliance, and creating a robust ecosystem that integrates technology, collaboration, and sustainability.
He highlighted Nigeria’s active role in the Network of African Data Protection Authorities (NARPA), stressing that the country has emerged as a continental leader in privacy regulation.
In December 2025, the NDPC won the Picasso Award as Africa’s most outstanding data protection authority, a recognition he said underscores Nigeria’s growing influence in the global privacy space.
Responding to questions from journalists, Olatunji assured that the Commission is committed to protecting the rights of data subjects, including the ability to correct or ratify personal details on government platforms.
He urged citizens to report violations to the NDPC for immediate intervention.
On concerns about international data transfers, particularly agreements involving Nigeria and foreign governments, Olatunji said the Commission would continue to monitor such arrangements to safeguard national interests and ensure compliance with data protection laws.
He concluded by stressing that data privacy is central to Nigeria’s future economy, calling for sustained investment in human capital, technology, and regulatory frameworks to build trust and confidence in the digital space.
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