The National Insurance Commission (NAICOM), has signed a Memorandum of Understanding (MoU) with the Bureau of Public Procurement (BPP) for collaboration and strengthening of the insurance industry, in the area of public procurement processes.

The Commissioner for Insurance, Olusegun Ayo Omosehin, welcoming the Director-General of BPP, Adebowale Adedokun, and his delegation to NAICOM for a working visit, during which the agreement was signed, highlighted the role of NAICOM as the statutory regulator charged with supervising, regulating and promoting the growth of Nigeria’s insurance industry.

He further stated that NAICOM’s current reform priorities include policyholder protection, regulatory capacity building, legal modernisation, recapitalisation, and increasing insurance penetration.

He emphasised that the collaboration would reinforce the principles of public procurement and insurance practice in Nigeria. He noted that achieving President Bola Ahmed Tinubu’s vision of transforming Nigeria’s economy into a one-trillion-dollar economy required strong inter-agency cooperation.

He stressed that the commission’s reform objectives could not be fully realised without strategic collaboration with agencies such as BPP. The Commissioner further disclosed plans to establish a platform to monitor and verify insurance coverage for public procurement items and assured that insurance operators would strictly adhere to established rules and standards.

In his remarks, the Director-General of BPP, Adedokun, commended the ongoing transformation in the insurance industry, describing the Commission’s environment as serene and reflective of its readiness to support the Federal Government’s economic growth agenda.

Adedokun, welcomed the partnership and highlighted implementation as the critical next phase: “Signing MoU is only the beginning — what matters is delivery. BPP has moved to a fully digital submission model to speed approvals and reduce opportunities for corruption”, he stated.

Nigeria’s non-oil tax collections posted robust growth in the first nine months of 2025, with Value Added Tax (VAT) rising 34 per cent to ₦6.4 trillion and Company Income Tax (CIT) jumping 48 per cent to ₦7.72 trillion, bolstering federal revenue amid oil price volatility.

NBS

Data from the National Bureau of Statistics (NBS) showed VAT climbing from ₦4.77 trillion in 9M’24, reflecting stronger domestic consumption and imports. Quarterly trends indicated a slight 1.4 per cent dip to ₦2.03 trillion in Q2’25 from ₦2.06 trillion in Q1’25, followed by a 10.66 per cent rebound to ₦2.28 trillion in Q3’25—a 28.1 per cent year-on-year gain.

In Q3’25, local VAT hit ₦1.12 trillion, foreign VAT ₦680.23 billion, and import VAT ₦479.79 billion. Sectorally, Administrative and Support Services led with 89.28 per cent quarter-on-quarter growth, trailed by Arts, Entertainment and Recreation (82.49 per cent) and Human Health (32.4 per cent). Real Estate contracted sharply by 51.33 per cent. Manufacturing dominated contributions at 25.89 per cent, followed by Information and Communication (18.77 per cent) and Mining/Quarrying (14.85 per cent).

CIT followed suit, surging from ₦5.22 trillion in 9M’24. It stood at ₦1.98 trillion in Q1’25, leaped 40 per cent to ₦2.78 trillion in Q2’25, and grew 5.7 per cent to ₦2.96 trillion in Q3’25—a 67.19 per cent year-on-year rise. Domestic CIT reached ₦1.21 trillion in Q3, while foreign CIT hit ₦1.75 trillion, underscoring multinational firms’ role.

Economists attribute the uptick to improved tax administration, digital tracking, and post-reform consumption, though sectoral disparities signal real estate headwinds. The gains support President Tinubu’s revenue diversification drive, reducing oil dependency as global crude fluctuates.

NBS data highlights non-oil taxes’ potential to fund infrastructure and social programmes, with analysts eyeing sustained momentum into 2026.

Securities and Exchange Commission (SEC) has revoked the registration of Kensington Agro Trading Limited as a capital market operator with immediate effect.

In a public notice issued by the Commission, the regulator announced that Kensington Agro Trading Limited’s registration as a Commodity Broker/Dealer and Collateral Manager has been withdrawn, effectively stripping the company of its authority to operate within Nigeria’s capital market.

According to the notice, the revocation was carried out pursuant to the powers vested in the Commission under Section 61(6) of the Investments and Securities Act, 2025, as well as Rule 34(1) of the SEC Rules and Regulations 2013, as amended.

The SEC stated that the decision takes immediate effect and urged all stakeholders to take note of the development.

“Accordingly, commodity exchanges, the investing public, commodity traders, and all capital market stakeholders are advised to discontinue capital market-related dealings with the company,” the Commission said.

The directive means that Kensington Agro Trading Limited is no longer authorised to engage in any capital market activities under the regulatory oversight of the SEC. Market participants have been cautioned to avoid entering into transactions or maintaining business relationships with the firm in its former capacity as a registered operator.

While the notice did not specify the reasons for the revocation, such regulatory actions are typically taken in line with the Commission’s mandate to ensure compliance with extant laws, protect investors, and maintain market integrity.

The SEC, headquartered in Abuja, reiterated its commitment to upholding transparency, investor protection, and strict adherence to regulatory standards in Nigeria’s capital market.

The Commission’s action underscores its continued enforcement drive aimed at sanitizing the market and ensuring that only duly registered and compliant operators are permitted to function within the ecosystem.

Stakeholders and members of the public are encouraged to verify the registration status of capital market operators through official SEC channels before engaging in investment-related transactions.