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Have What it Takes to Practice Universal Banking.

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The guideline went further to state the various other activities like market activities, such as underwriting/issuing house activities and insurance services. With particular respect to insurance activities, the guideline specified the insurance services as, agency services, brokerage services underwriting services, loss adjusting services, underwriting services and re-insurance services.
Banks may provide insurance marketing services while they may provide underwriting services and re-insurance services indirectly through a subsidiary or an associated company. Banks can therefore undertake insurance services as specified under the insurance guidelines.
According to Adejumo, the regulations issued for banks that may wish to engage in insurance business under universal banking varied.
The guideline stated that an insurance subsidiary of a bank shall comply with the capitalization requirements under the Insurance Decree 2 of 1997 and any subsequent amendments all insurance activities wherever they occur shall be licensed and regulated by the National Insurance Commission {NAICOM} and subject to the provisions of the Insurance Decree of 1997 or such other insurance laws as may be enacted.
An insurance policy should not be rejected solely because the policy has been issued or underwritten by a person not associated with the bank when such insurance is required in connection with a loan or extension of credit. A debtor, insurer, or insurance agent or broker must not pay a separate charge for the handling of insurance that is required in connection with a loan unless such is required when the bank’s affiliate is the licensed insurance agent or broker providing the insurance.
There should be no payment or receipt of any commission or brokerage fee for services rendered as a broker or agent unless such a person is properly licensed by NAICOM.
A bank shall not release any insurance information about a customer to any person other than an employee, agent, subsidiary, or affiliate of a bank for the purpose of soliciting or selling insurance without the consent of the customer. A bank shall not use health information obtained from the insurance records of customers for any purpose, without the customer’s consent except for activities as licensed insurance agent or brokers. A bank shall not insist, for extension of credit, on the condition that the customer obtains insurance from the bank’s affiliate/associate or a particular insurer, agent, or a broker, but must inform the customer or prospective customer that insurance is required in order to obtain a loan, and that approval of a loan is contingent upon the customer obtaining insurance, or that insurance is available from the institution.
The guideline added that banks shall not require that, when a customer’s application for a loan is pending and insurance is offered to the customer or it is required in connection with the loan that a written disclosure is provided to the customer. Such as indicating that his choice of an insurance provider will not affect the credit decision or credit terms except that the bank may impose reasonable requirements concerning the credit worthiness of the insurance provider and scope of coverage.
It stated further that the bank shall clearly and conspicuously disclose to the customer, prior to the sale of any insurance policy, that such policy is not a deposit, insured by the NDIC, guaranteed by the bank and an investment, credit and insurance transactions should be completed through separate documents when a customer obtains insurance and credit from a bank. An insurance company shall not transfer its funds to a bank which is either its holding or associated company without clearance from NAICOM except for the purpose of investment.
A bank shall not issue instructions to its insurance subsidiary or associate that will affect the insurance funds adversely or commit insurance funds to a purpose outside insurance, except dividends declared. A bank shall not include the expenses of insurance premiums in the primary credit transaction without the customer’s consent, where the customer obtains insurance and credit from a bank.
It added that banks shall be required to maintain separate and distinct records relating to insurance transactions and such records should be made available to the appropriate regulators. Also, banks should also disclose specifically among other things earnings from insurance activities in their published accounts. However the on- going reforms in the industry may further modify the current trend as banking specializations, as being proposed may lead to a narrower business horizon. But by and large banks and insurance are closely related and if insurance must deliver on set agenda, it should align with global economic trends.


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House of Reps Releases Certified Copies of Tax Reform Acts amid Gazette Discrepancy Claims

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House of Representatives has released certified true copies of the four tax reform Acts signed into law by President Bola Tinubu, addressing public concerns over alleged discrepancies between legislative versions and circulated gazetted documents.

House of Reps Releases Certified Copies of Tax Reform Acts amid Gazette Discrepancy Claims

Tax Reform Acts

House spokesperson, Akin Rotimi, disclosed this in a statement, noting that Speaker Tajudeen Abbas directed the immediate publication of the Acts—including endorsement and presidential assent pages—for public verification, in collaboration with Senate President Godswill Akpabio.

The move followed allegations raised by Rep. Abdulsamad Dasuki on the House floor, highlighting inconsistencies between Bills passed by the National Assembly and executive gazetted versions, which he warned could erode legislative integrity and public trust.

Abbas constituted a seven-member ad hoc committee chaired by Rep. Aliyu Betara, with members including Idris Wase, Sada Soli, Adedeji Faleke, Igariwey Iduma, Fred Agbedi and Babajimi Benson, to investigate the alleged alterations, unauthorised circulation and preventive measures.

The committee’s mandate includes probing circumstances around the discrepancies, while Abbas ordered internal verification and public release of certified copies to dispel doubts and safeguard legislative records. Legal experts, tax professionals and civil society had demanded clarification and implementation suspension amid heated debates triggered by Dasuki’s intervention.

The released laws comprise the Nigeria Tax Act, 2025; Nigeria Tax Administration Act, 2025; National Revenue Service Establishment Act, 2025; and Joint Revenue Board Establishment Act, 2025, described as foundational to modernising Nigeria’s tax system.

These reforms aim to enhance compliance, curb inefficiencies, eliminate overlaps and bolster fiscal coordination across federal, state and local tiers, following extensive stakeholder consultations, committee reviews and plenary debates under Abbas’s leadership.

Rotimi reassured Nigerians: “The National Assembly is an institution built on records, procedure, and institutional memory. Every Bill, every amendment, and every Act follows a traceable constitutional and parliamentary pathway.”

He emphasised that only National Assembly-certified versions hold authority, urging the public, institutions and stakeholders to disregard all other circulating documents as unofficial.


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MultiChoice Secures 12 Warner Bros. Discovery Channels in New Multi-Year Deal

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MultiChoice, a CANAL+ company, has retained the distribution rights to 12 Warner Bros. Discovery thematic channels following the signing of a new multi-year, multi-territory agreement between CANAL+ Group and Warner Bros. Discovery, marking a significant expansion of their long-standing partnership.

MultiChoice Secures 12 Warner Bros. Discovery Channels in New Multi-Year Deal

MultiChoice

The new deal, which spans several regions across Africa and Europe, covers the distribution of HBO Max as well as the renewal of selected Warner Bros. Discovery thematic channels. It represents a major milestone in the companies’ international collaboration and strengthens content offerings across MultiChoice Group territories.

MultiChoice disclosed that this agreement builds on earlier partnerships concluded in Europe. “It builds on the landmark agreements concluded in France in 2024,including the renewal of the exclusive pay-TV window for Warner Bros. Pictures films just six months after their theatrical release in France and the integration of HBO Max within select CANAL+ group offers – as well as in Poland in 2025, with the renewal of the distribution agreement for 22 thematic channels (including TVN 24 and Eurosport) and 4 free-to-air channels (including TVN).”

Under the renewed arrangement, MultiChoice Group will continue to distribute 12 Warner Bros. Discovery thematic channels across its territories, with some channels offered on an exclusive basis. CNN International and Cartoon Network will remain exclusive to South Africa while being distributed non-exclusively in other markets. Cartoon Network Porto will be exclusive in Angola and Mozambique and non-exclusive elsewhere. Other channels such as Discovery Channel, TLC, HGTV, Food Network, TNT Africa, Travel, ID and Cartoonito will be offered on a non-exclusive basis.

According to the partners, the deal reinforces CANAL+ Group’s channel portfolio on the continent. “This agreement enables CANAL+ Group to strengthen its entertainment, kids, news, and documentary channel offerings in African markets.”

The agreement is also expected to improve access for CANAL+ Group subscribers to Warner Bros. Discovery’s premium content through HBO Max and selected channels, including globally recognised series and films, further extending the studio’s international reach while consolidating MultiChoice’s content offering in key markets.

 


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Nigeria Police suspends tinted glass permit enforcement over court injunction

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Nigeria Police Force has suspended nationwide enforcement of its tinted glass permit policy, hours before its scheduled rollout, in compliance with a Delta State High Court order.

Nigeria Police suspends tinted glass permit enforcement over court injunction

Tinted glass permit

The policy, set for January 2, 2026, aimed to curb vehicle-related crimes but faced legal challenge from a private citizen against the Inspector-General of Police, the force, and Delta Police Commissioner.

An ex parte injunction issued in December 2025 restrained enforcement pending suit determination, prompting the hold announced by spokesperson Benjamin Hundeyin on January 1.

Police entered appearance, filed preliminary objections, and sought injunction vacation; hearing adjourned to January 20, 2026.

The Nigerian Bar Association condemned initial police plans as “executive recklessness,” accusing disregard for rule of law, while police insisted no permanent bar existed on statutory duties.

IGP Kayode Egbetokun reiterated adherence to law while prioritising public safety via intelligence-led strategies during proceedings.


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