News
NAICOM Adjusts Licensing Fee for New Insurance Operators by 100%

Following the recent increase in application, reinsurance and insurance firms venturing into Nigerian insurance market will now pay a non-refundable fee of N10 million as against initial N5million, showing 100 per cent increase in the fee payable by new operators.
According to NAICOM, application fee which is non-refundable for reinsurance operation is now N10 million as against N5 million paid in the past; Life business, N10 million, from N5 million; general business, N10 million, from N5 million; broker, N500,000 from N250,000; Loss Adjuster, N300,000 from N75,000 and agent N5,000.
The National Insurance Commission (NAICOM) stated this in its recently released Revised Market Conduct and Business Guidelines for Insurance and Reinsurance Companies.
On registration/licensing fee, NAICOM placed reinsurance on 1 per cent of paid-up share capital. Same applied to life and general business, while brokers were placed on N3.5 million from N2.5 million and loss adjuster, N500,000.
According to NAICOM, a broker seeking registration has to pay N500,000 fee, while renewal fees were pegged at N300,000 for brokers, N200,000 for loss adjusters and N3,000 for agents.
The commission said that change of name for reinsurance and insurance is now N100,000; brokers, N50,000 and loss adjusters, N30,000.
It said change of ownership (acquiring majority share) fee is put at one per cent of the acquisition amount for reinsurance and insurance, adding that certificate fee per year for audited account is N50,000, while certificate of operation for insurance and brokers is N50,000.
The Commissioner for Insurance, Sunday Thomas, said NAICOM would continue to grant operating licence to insurance and reinsurance firms that show and have capacity to impact the underwriting sector.
He noted that the commission would continue to encourage the development of the insurance sector by ensuring that capable players are welcomed into the system.
The commission said it would address the lingering recapitalisation that has dragged in the industry for so long.
“Finance Act provisions recently issued late last year, NAICOM has studied the provisions and came up with regulatory guidance which we will soon issue to the market, and with the guidelines, the lingering issue of recapitalisation would be resolved, ”the commissioner said.
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Anambra Shines in 2025 E-Governance Rankings, Setting National Standards

Anambra State has once again demonstrated its leadership in digital transformation, emerging as one of Nigeria’s top three states in the 2025 e-Governance Report published by the Panorama CIAPS Governance Performance Index (CGPI).
According to the report — a collaborative effort between Nigerian Panorama and the Commonwealth Institute of Advanced Professional Studies (CIAPS) — Anambra ranks alongside Lagos and Enugu as the leading states in adopting and implementing e-governance practices that foster accountability, transparency, and improved service delivery.
In his remarks, Professor Anthony Kila, Director of CIAPS, emphasized the importance of e-governance in shaping how governments interact with citizens. “The centrality of e-governance allows us to assess the performance of state governments in the country. How the government treats the digital world says a lot about them,” he said.
The report evaluated states based on a comprehensive set of criteria, including website security, up-to-date content, public engagement, availability of online services, policy updates, and user accessibility. Anambra’s performance reflects the state’s deliberate investment in digital infrastructure and its commitment to leveraging technology as a tool for inclusive governance.
Reacting to the recognition, the Managing Director/CEO of the Anambra State ICT Agency, Chukwuemeka Fred Agbata, CFA, described the report as a welcome validation of the efforts being made under the leadership of Prof. Charles Chukwuma Soludo, CFR, to reposition Anambra as a liveable and prosperous smart mega-city.
“This is not just about being tech-savvy,” Agbata said. “It’s about using digital tools to create real impact — making the government more accessible, responsive, and transparent. Anambra is building a digital future that works for everyone.”
The CGPI Report recommended that all states intensify efforts to train public servants, maintain digital platforms effectively, and build user-friendly systems that keep citizens informed and empowered. For Anambra, this recognition serves both as a milestone and a motivation to scale new heights.
As the journey continues, Anambra remains focused on setting the pace for e-governance in Nigeria in line with the Governor’s mantra of Everything Technology & Technology Everywhere.
News
SERAP Urges National Assembly to Reject Tinubu’s $24Bn Loan Request Over Debt Concerns

Socio-Economic Rights and Accountability Project (SERAP) has urged the National Assembly to reject the Tinubu administration’s request to borrow $24 billion, warning that the move would significantly deepen Nigeria’s debt crisis.
In a statement posted on its official X account, the advocacy group warned that the proposed borrowing would raise Nigeria’s total debt stock to an estimated ₦183 trillion—an amount it described as “clearly not sustainable and not in the public interest.”
“The National Assembly must immediately refuse to approve the Tinubu administration’s request to borrow $24 billion,” the group said. “The growing national debt is not sustainable and not in the public interest.”
SERAP expressed concern over the heavy burden of debt servicing, which it said is already consuming a substantial portion of government revenue, leaving little room for critical public investment.
Nigeria’s total public debt is projected to surpass ₦180 trillion following the president’s latest loan request. The borrowing plan includes a proposal for over $21.5 billion in external loans, which equates to ₦33.39 trillion at the official exchange rate of ₦1,590 per dollar. The administration is also seeking approval for a domestic bond issuance worth ₦757.9 billion to settle outstanding pension liabilities.
President Tinubu said the 2025–2026 borrowing plan targets key sectors such as infrastructure, healthcare, education, water supply, security, and employment generation. He noted that the plan is also intended to cushion the economic impact of fuel subsidy removal.
The total loan request comprises $21.5 billion, €2.19 billion, and 15 billion Japanese Yen, alongside a €65 million grant. Tinubu assured lawmakers that the funds would be directed toward development projects across all 36 states and the Federal Capital Territory, with emphasis on rail networks, healthcare infrastructure, and poverty alleviation programs.
On pension-related borrowing, the president explained that the proposed bond issuance is aimed at clearing backlogs under the Contributory Pension Scheme. The measure, he added, has already received approval from the Federal Executive Council and is expected to improve retirees’ welfare, restore trust in the pension system, and inject liquidity into the economy.
Nigeria’s public debt has surged in recent years, rising by 48.6% in 2024 to ₦144.66 trillion—up from ₦97.34 trillion in 2023. The Federal Government accounts for 95% of that total.
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