General News
NAICOM Boss to Review Industry Performance at CIIN Forum
In the past few years, particularly in the last three years, the insurance industry has witnessed tremendous improvement, compared to what it used to be decades back. However the true state of affairs as it relates to the exact growth margin, solvency status, regulatory efforts and results as well as the prospects of the industry, remained largely unknown to industry watchers. All that is needed to be known in the industry will be unveiled shortly by the regulatory body, the National Insurance Commission (NAICOM) as the Chartered Insurance Institute of Nigeria holds the 2010 professional forum next month. The unveiling of the industry will be anchored by the commissioner for insurance, Mr. Fola Daniel. The conference which is slated for September 15 to 18 in Ibadan, the Oyo state capital, will also review the prospects and challenges which the industry has face during the past years, especially under the global economic meltdown and local challenges. According to Adegboyega Adepegba, the director-general of the institute, the choice of this year’s conference which is “After the Gloom, Matters Arising,” was arrived at as a way of rededicating the minds of the professionals to more pragmatic issues that will move the industry forward, instead of counting losses arising from the global economic meltdown. Adepegba stated that “it had become more expedient for managers, including insurance professionals, to engage in productive rethinking of their management strategies in order to strike the right chords and arrive at the winning formula for keeping their businesses afloat.” The CIIN boss had also appraised NAICOM confidence in the industry performance in recent times, a situation which led to industry premium growth from the N178 billion in time past to N1 trillion at present. He stated that the forum will avail participants of the opportunity to achieve a taller dream both in terms of raising the premium level and raising its contribution to the Gross Domestic Product (GDP) from the present 3 percent to about 7 percent. He corroborated the stand of NAICOM that the conference will open new vistas to stakeholders in assessing the journey so far and working out measures aimed at raising the present industry status. Also to be looked into is the way forward especially in raising the market penetration level from its present abysmally low level to a standard that is relatively comparable to the industry counterparts in the developed economies of the world. The level of insurance penetration stands at about 6 percent and industry watchers opined that if the gains of the industry must be sustained, there was need to raise the penetration level to something significant, whish should be in the neighbourhood of 30 percent
Economic and Financial Crimes Commission (EFCC), has detained Tunde Ayeni, former chairman of defunct Skye Bank Plc, for alleged fraud involving N36.5 billion and $30 million.
Tunde Ayeni, former chairman of defunct Skye Bank Plc,
This follows the probe of alleged diversion of N36.5 billion and $30 million secured as loans from Polaris Bank Plc through companies linked to Ayeni.
He was arrested by EFCC operatives in Abuja on April 23, 2026, and is still been held in custody as at the time of filling the report.
Dele Oyewale, spokesperson, EFCC, confirmed the arrest on Friday but declined to provide further details.
Ayeni is under investigation for diverting funds obtained for marine security, electricity distribution, and real estate projects into other unknown projects.
Investigators allege the loans were instead channelled into telecom investments tied to NITEL/MTEL assets via a NATCOM account.
About 12 firms believed to be connected to Ayeni are also under investigation for their role in securing the loans.
The EFCC is expected to file charges once the investigation is concluded.
Summit Household Solutions Limited has opened its ultra-modern manufacturing facility in Ota, Ogun State, as part of its efforts to scale production of home and personal care products in Nigeria.
The plant, which started operations in April 2025, produces items such as dishwashing liquids, handwash, sanitisers and multipurpose liquid soaps, with an annual capacity estimated at 7,000 tonnes.
Commissioning the facility on behalf of Governor Dapo Abiodun, the Permanent Secretary, Ministry of Commerce, Trade and Investment, Mr Kehinde Akintomide, said the investment reflects growing confidence in Ogun State’s business environment.
He noted that the state hosts over 6,000 manufacturing firms and described the development as consistent with ongoing efforts to promote industrialisation, attract investment and reduce reliance on imports under the Federal Government’s Renewed Hope initiative.
Akintomide disclosed that the factory has already employed more than 50 Nigerians, with projections to exceed 250 jobs as operations expand.
In his remarks, the General Manager of the company, Mr Sadiq Ali, said the facility represents a major step in Summit’s growth plans, adding that its flagship brand, 2Sure, currently leads production at the plant.
He also revealed that the company is preparing to introduce new home and personal care products later this year.
Summit Household Solutions manufactures the 2Sure brand and has expanded into the personal care segment with Lewar, a premium beauty soap line positioned for quality and affordability.
Among dignitaries present were the Onikotun of Otun, Ota, Oba Abdulakeem Odunaro, representing the Olota of Ota, Prof. Adeyemi Abdulkabir Obalanlege; the Agba Akin of Ota, Chief Dada Olusola; Director of Investment, Ms Yemisi Folarin; Director of Industrial Promotion, Mr Femi Adeboye; former Managing Director of 7Up Bottling Company, Mr Ziad Maalouf; and the Chief Executive Officer of OmniRetail, Mr Deepanker Rustagi.
Speaking at the event, Maalouf, who conceived the 2Sure brand during his time at 7Up Bottling Company, expressed satisfaction with its growth and commended Summit Solutions Limited for advancing the brand.
The special guests were conducted around the facility, and the programme was concluded with a luncheon.
The administration of Donald Trump has frozen $344 million in cryptocurrency allegedly linked to Iran, marking a sharp escalation in financial pressure on Tehran.
The move comes amid stalled diplomatic efforts and a fragile ceasefire in the region.
U.S. Treasury Secretary Scott Bessent confirmed that authorities are sanctioning multiple crypto wallets tied to Iran. “We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime,” he said.
Tether, which facilitated the transactions, said it worked with U.S. authorities to freeze the funds across two wallet addresses after receiving intelligence linked to unlawful activity.
A U.S. official said blockchain analysis revealed “material links” to the Iranian regime, including transactions routed through intermediary addresses connected to wallets associated with the Central Bank of Iran.
Responding to the development, Tether CEO Paolo Ardoino said the company does not tolerate illicit use of its stablecoin. “USD₮ is not a safe haven for illegal activity. When there is credible linkage to sanctioned entities or criminal networks, we act immediately,” he stated.
The crackdown underscores the growing reliance of sanctioned states on digital assets to bypass traditional banking restrictions. Data from Chainalysis shows Iran’s cryptocurrency holdings reached $7.8 billion in 2025, with the Islamic Revolutionary Guard Corps reportedly controlling about half.
Analysts say while the freeze is significant, Iran has historically adapted to sanctions. Daniel Tannebaum of the Atlantic Council noted that targeting third-party actors enabling such transactions may be key to increasing pressure.
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