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Local Insurers Cautioned on Off-shore Exploration

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Going by the rising cases of off-shore market exploration by Nigeria insurance companies, concerned industry watchers have cautioned operators on their drive, warning that there exist vast areas in the local market waiting to be covered.  David Olafinmiyan, veteran insurance broker expressed worry that Nigeria with a population of over 150million people and vast deposite of natural resources should not be chasing shadows in neigbouring African countries.  He challenged them to exploit the untapped areas of insurance fully before venturing into the west coast and other African countries. The veteran broker said he was particularly worried going by the applications currently pending at the secretariat of NAICOM, seeking to export insurance abroad.
He stated that the number of insurance companies which have invested in neighbouring West Africa countries is over ten adding that more are on the verge of doing so.  He urged operators to adhere to set standard concerning off shore investment, especially against past warning by the NAICOM boss Fola Daniel.
The insurance veteran explained that the problem with Nigeria insurance is that of awareness, charging operators to break the jinx and forge ahead rather than day dreaming in other developed economies. He stressed that if the local insurers can do this effectively, the sky was their limit. “It is embartrassing to see our insurers going to African countries that are smaller than some states of the federation.. The population of Lagos state, for instance is bigger than some of these countries. Besides, the number of vehicles on our road is enough to sustain any serious minded operator.” he said. The veteran lamented that while over 80 percent of insurance companies in Nigeria are yet to have branches in all the states of the federation, they are all scrambling to invest in the off-shore market.
He emphasized therefore that the attraction should really be in developing insurance at the grassroots and not outside investment.  He added that some of the countries which our operators are rushing to are not as big as one state in Nigeria.  “What is the attraction in investing in a country of 5million people when Lagos State alone is more populated than such country?” he asked.
Olafinmihan challenged operators on awareness and a full exploitation of all the areas opened in the compulsory insurance.  He said the compulsory insurance which operators should look deeply into are motor insurance and insurance of public buildings, and story buildings under constructions.  He explained that out of the number of vehicles plying our roads, less than 30percent of them are properly insured, noting that this situation becomes worrisome against the background that government which is supposed to lead by example hardly insures its vehicle.
The same, he said is true of public building which are not insured contrary to the provisions of the Insurance Act 2003. 
Olafinmihan tasked the regulators as well as the National Assembly to enact laws forbidding the local underwriters from exporting insurance to other African countries without consolidating on the home market.

 


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NRS Debunks Viral Claim of New Tax on Vehicle

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Nigeria Revenue Service (NRS) has denied reports that the federal government has introduced a new tax on vehicles.

NRS Debunks Viral Claim of New Tax on Vehicle

The clarification follows the circulation of a viral message online claiming that all vehicle owners would be required to start paying a new tax from July 1, 2026.

In a statement released on Sunday, the NRS said the information in the message is false and did not come from the agency or any official government institution.Nigeria Travel Guides

According to Dare Adekanmbi, spokesperson for the NRS, the viral message was designed to mislead the public. He explained that it was made to look genuine by using official government logos and formatting.

The message reportedly instructed owners of private, commercial, and corporate vehicles to pay an unspecified fee either online or through approved banks and agencies. It also included a website that was wrongly presented as an official government platform.

Adekanmbi stressed that the website mentioned is not connected to the government and warned Nigerians not to make any payments based on such information.

He said the NRS has not introduced any new vehicle tax and that any official policy or tax change would be properly announced through verified government channels.

The agency urged citizens to ignore the fake message and avoid falling victim to possible fraud. It also advised Nigerians to always confirm such information through trusted and official sources before taking any action.

The NRS further encouraged the public to follow its official communication platforms to stay informed about genuine tax policies, updates, and government directives.

 


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NCC to Intensify Crackdown on Illicit Network to Protect Copyrights

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National Copyright Commission (NCC) has reaffirmed that piracy remains a major threat to the nation’s creative economy, vowing to intensify its nationwide crackdown on illicit networks to protect intellectual property.

NCC to Intensify Crackdown on Illicit Network to Protect Copyrights

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Dr. John Asein, director-general of the NCC, disclosed this in a statement to mark the 2026 World Book and Copyright Day.

The commission noted that piracy remains a major threat, undermining legitimate enterprise and eroding the economic value of creative works.

Asein lamented that inadequate distribution systems and limited access to books also constrain the growth of readership.

He described the event as an important occasion, which showcased the enduring value of books as foundations of knowledge, instruments of cultural preservation, and drivers of national development.

He described the theme for this year’s celebration, ‘Read Books, Respect Copyright,’ as a call on Nigerians to embrace reading as a lifelong habit, while recognising that respect for copyright is essential to sustaining creativity and rewarding authors.

The commission noted that Nigeria’s book industry has evolved significantly, from the post-independence emergence of indigenous publishing to today’s digitally driven ecosystem.

“Nigerian authors continue to gain global recognition, while publishers are expanding capacity. However, challenges persist,” he said.

The commission commended the National Intellectual Property Policy and Strategy, describing it as a bold step toward repositioning intellectual property as a driver of economic transformation.

The policy, according to him, provides a roadmap for revamping the book sector for the benefit of authors and publishers, and is accessible at ippolicy.ng.

The NCC also reaffirmed its commitment to inclusive access through the Marrakesh Treaty, as reflected in the Copyright Act, 2022, enabling accessible formats such as Braille and audio texts.

It urged Nigerians to respect copyright and purchase books only from authorised sources.


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Fusewall Holdings Acquires 100% Stake in Coloplus, Expands Telecom Infrastructure Footprint

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Fusewall Holdings, founded by Azeez Amida, has announced the acquisition of a 100 percent equity stake in Coloplus Worldwide Service Limited, in a move aimed at strengthening its position in Nigeria’s telecommunications infrastructure space.

Fusewall Holdings Acquires 100% Stake in Coloplus, Expands Telecom Infrastructure Footprint

Fusewall Holdings

The deal marks a significant milestone in Fusewall’s broader strategy to build an integrated and future-ready platform across key sectors, particularly within the country’s fast-evolving digital economy.

The transaction was led by Amida, whose role in structuring and executing the deal was described as pivotal. According to the company, his leadership helped align stakeholders and navigate complex negotiations to ensure a successful close while positioning the business for long-term growth.

A spokesperson for Fusewall Holdings said the acquisition represents “a deliberate step forward” in the company’s expansion strategy, noting that the focus remains on building platforms that combine operational efficiency, resilience, and scale.

Coloplus brings a substantial operational footprint to the deal, including access to about 900 partner locations and roughly 20 owned sites. This combination of reach and infrastructure control is expected to give Fusewall a strategic advantage as it scales operations nationwide.

Fusewall said it plans to deploy capital, strengthen governance structures, and enhance operational execution as part of the integration process. The move is expected to improve service delivery, boost infrastructure reliability, and support expansion into underserved and high-demand areas.

The acquisition also aligns with the company’s broader ambition to help bridge Nigeria’s telecommunications infrastructure gap by expanding connectivity, improving network resilience, and advancing digital inclusion.

Fusewall Holdings said the deal reflects its commitment to disciplined execution and long-term value creation as it continues to grow its footprint in Nigeria’s digital ecosystem.


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